S’pore prime warehouse rents are 7th highest in the world

Prime warehouse rents in Singapore are the seventh-most expensive in the world, according to a study by property consultants Colliers International.

It said Singapore rents were US$13.38 per square foot per year in the first half of 2010.

Singapore’s current rank is a jump from the 9th spot it took in the second half of last year.

In the first half of 2009, Singapore’s prime warehouse rents were low enough for the Republic to rank 14th globally.

Colliers said that Singapore’s climb up the global ranking is partly because of rents that are rising in line with an improving economy. The ranking also reflects the strengthening of the local currency.

Tokyo had the most expensive rents for prime warehouses worldwide at US$21.38 per square foot per year, followed by London and Hong Kong.

Prime warehouses are industrial spaces of 20,000 square feet or more.

Source : Channel NewsAsia – 3 Nov 2010