Singapore set to emerge as premier gateway city in region, say JUNE CHUA and CHRISTINE SUN ONE year into the global financial crisis that almost brought all major economies to their knees, Asia staged an impressive rebound at the end of 2009 with an ensemble of massive government stimulus packages. Despite lingering doubts about the debt-laden European economies, Asia is expected to continue its strong...
Office Rental
The Singapore office property market appears to be bottoming out and the trend of falling rents is stabilising, according to data from consultants Jones Lang Lasalle. This is even though its preliminary estimate of average Prime Grade A gross effective rent in the central business district declined marginally by 0.6 per cent on quarter to S$7.75 per square foot per month in the first quarter. Office...
About half a million square feet of office space in the core business district and fringe areas could become available when government bodies move out of Singapore's city centre by 2015. Experts said that with occupancy in the CBD bouncing back after the downturn, the space will be sorely needed. Government agencies such as the Ministry of National Development will be moving out of their premises in the...
Office rents in Singapore are down almost 50 per cent for the entire 2009 and observers said this is mainly due to the global economic crisis. But the fall is not cause for undue concern as it follows a 90 per cent spike in rents in 2008. However, analysts said there's room for rents to fall further in 2010. Singapore's office rentals have suffered amid the global downturn as many companies with offices...
The rebound in economic activity has lifted demand for office space in the fourth quarter, slowing down the rate of rental decline. Jones Lang LaSalle said on Wednesday preliminary estimates showed that in the last three months of the year, the average gross effective rent of Prime Grade A properties in the CBD core area has fallen 4.9 per cent on-quarter to S$7.80 per square foot a month. Around 1.2...
Falling occupancy costs place S'pore at 32nd spot; period of stability on the cards Following a year-long slide in prime office rentals, Singapore's office occupancy costs have become far more competitive. Fourteen months ago, the island was the ninth most expensive place to rent offices. By end-March this year, it had slid to 15th spot and by the end of the third quarter, many others had become...
Office rentals in Singapore have plunged dramatically, causing it to fall to the 32nd spot in a list of the world's most expensive office market. Previously, Singapore took 9th spot on the list in the year-ago period and was in 15th place just six months ago. Property consultant CB Richard Ellis (CBRE) said Tuesday Singapore saw a 53.4 per cent on-year decline in rents. Singapore's office occupancy cost...
Singapore Land, a property developer and landlord that reported a gain in quarterly profit, said that the market for office space is expected to be “weak” as new buildings are completed in the city-state. “The office market is expected to be weak in view of the significant new supply,” the company said today in a statement, announcing a 41% gain in profit for the three months to Sept. 30 of $56.3...
Prime office rents may be on a downward trend, but analysts say there is nothing much to worry about as the decline is a necessary correction. An oversupply of office space and low demand has knocked down prime office rentals in the central business district (CBD). Rents have fallen as much as 40 per cent since the beginning of 2008 but observers said that rents are not in a free fall. They said the...
Property consultancy DTZ has upgraded its outlook for the office property sector. It now expects office rentals to return to positive growth next year as the improving economic outlook feeds through. But it said the outlook for 2009 remains firmly negative. Year to date, office rentals throughout Asia Pacific have fallen by an average of over 10 per cent. DTZ said the latest quarter on quarter growth...