Mapletree Investments said it has pre-leased 40 per cent of the office space at its Mapletree Business City. Mapletree said it's talking to more potential clients who may take up another 15 per cent of space before the project is completed mid next year. Topping out the Mapletree Business City, the company already has another reason to celebrate. Fourth-tenths of some 1.7 million square feet of office...
Office Rental
Singapore is no longer one of the top 20 most expensive office locations globally. A survey by property consultancy Colliers International showed that in June, Singapore's office space was the 26th most expensive in the world. That is a steep fall from December last year, when Singapore was number 6. Colliers said this is because Singapore's office property market was among the most severely affected by...
Office rents in Singapore fell for the fourth straight quarter with prime rentals averaging at S$7.50 per square foot a month in the third quarter of 2009. Real estate consultancy firm CB Richard Ellis said this is a 12.8 per cent on-quarter drop – an improvement over the 18 per cent decrease a quarter ago. Grade A office rents fell about 13 per cent on-quarter to S$8.80 per square foot per month....
The first phase of Marina Bay Financial Centre is now 67 per cent pre-leased ahead of its completion in the second quarter of next year. This phase includes Tower Two and the fully pre-leased Tower One. The latest tenant at the location is Servcorp, a serviced and virtual office provider. In a statement, Raffles Quay Asset management said Servcorp's seven-year lease will start next year. Servcorp will...
The slide in office rental rates across the region has slowed, and analysts said this is a good sign the market has stabilised. A year ago, office space rental in Singapore's central business district could come up to as much as S$19 per square foot a month. Today, that rate has fallen by almost half. Singapore, which is home to Asian headquarters of a number of foreign companies, has seen rents fall...
Office rents in Singapore fell 26.2 per cent in the second quarter, according to latest figures from real estate consultancy firm Colliers International. This was the steepest decline quarter-on-quarter among Asia-Pacific cities. Singapore is the fourth most expensive office location after Tokyo, Hong Kong and Ho Chi Minh City for Grade A offices – one spot down from the first quarter this...
LOWER occupancy rates and cheaper rents in office buildings around the central business district (CBD) may prompt some firms to move back into the city, property experts said. In the second quarter, office rentals declined to less than $10 per square foot (psf) per month compared with a whopping $19 psf a month a year ago. "Companies are beginning to re-look opportunities to go back to the CBD as rents...
Property consultancy firm CB Richard Ellis (CBRE) has said the fall in office rents is showing signs of easing, thanks to improved sentiment and stabilisation of Singapore's economy. According to CBRE, monthly prime office rents averaged S$8.60 per square foot in the second quarter, representing an 18.2 per cent fall quarter-on-quarter. This was slightly lower than the 18.6 per cent quarter-on-quarter...
Property consultancy DTZ said office and industrial rents here continued their downward trend in the second quarter this year. For the office market, average monthly gross rents of prime offices in Raffles Place fell by 19 per cent to S$9.70 per square foot, compared to a 25 per cent fall in the previous quarter. Office rents in the Central Business District (CBD) fringe and de-centralised areas suffered...
Singapore's Prime Grade A office market has seen three straight quarters of rental contractions but Jones Lang LaSalle says that pullback is easing. The property consultancy said rentals fell 11 per cent in the second quarter, compared to 28 per cent in the first quarter. Jones Lang said landlords have been taking a defensive strategy of securing occupants for their office space at the expense of...