Singapore sees third highest rise in Q3 office rents in Asia

Prime office rents in Singapore rose 15 percent on year in the third quarter.

This was the third highest increase among Asia’s business capitals.

According to consultants CB Richard Ellis, only New Delhi and Mumbai saw rents that were greater than those in Singapore.

Manila was the only other city that witnessed double digit improvement in office rents in the last quarter.

The remaining cities saw increases of between zero and 5.8 percent.

CB Richard Ellis said the robust growth in Singapore office rents was due to strong tenant expansion and limited space.

The property consultant said the rate at which multinational companies are expanding in Singapore is phenomenal.

It said the scale of the occupier growth has not been seen since the mid-1990s.

Source: Channel NewsAsia, 21 November 2006 

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