Singapore has moved up 10 spots to become the world’s seventh most expensive office location.
According to Cushman & Wakefield’s global ranking, prime office rents shot up 78 percent in Singapore last year.
The property consultancy expects demand for office space from companies across most industry sectors to remain strong this year against a tight supply till 2010.
Cushman is predicting that the effect of a US slowdown on Asia will be muted.
However, it said the uncertainty of growth plans of US institutions, especially banks, may possibly result in an easing of demand.
Cushman said rents are likely to trend up, but at a slower pace compared with last year.
London retains its title as having the most expensive office occupancy costs in the world. A square metre of prime space in London’s West End cost US$3,354 a year.
In second place is Hong Kong, where rents were up 40 percent to about US$2,550 per square metre. – CNA/ms
Source : Channel NewsAsia – 13 Feb 2008