Singapore office occupancy costs the third highest in Asia-Pacific

Singapore has recorded robust demand in the office sector for the first six months of this year.

According to a mid-year review by Colliers International, the Singapore office sector has seen high rents and low vacancy rates, with office occupancy costs the third highest in the Asia-Pacific region.

On average, annual Grade A office rents in Singapore fetched US$125.06 per square foot – behind Hong Kong and Tokyo. This placed Singapore seventh on a global scale.

The Colliers survey tracked office performance across 168 cities around the world.

It showed that while demand for office space across many markets worldwide was weak from 2005 to 2007, it has bounced back in the first half of this year.

Colliers said that developing economies remain largely unfazed by volatility in worldwide financial markets. It also said they are expected to continue to show solid growth and a healthy appetite for office space.

Source : Channel NewsAsia – 8 Sep 2008

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