THE leasing market has become the latest casualty of Singapore’s weakening property market, with both residential and office rents posting their first declines since 2004 in the third quarter of this year. According to Urban Redevelopment Authority figures released yesterday, rentals of private residential properties fell 0.9 per cent in the third quarter, compared to a 2.5 per cent rise in the second...
Office Rental
Demand for high-end units eases, agents say rents likely to fall WITH banks around the world falling like nine pins, it’s not surprising that demand for top-quality Singapore office space is easing off. The estate agents are agreed: Rents have already peaked, and occupancy levels are falling - with rents likely to follow. According to a report by property firm CB Richard Ellis yesterday, Grade A rents...
The collapse of Lehman Brothers is set to hit Asian office rental rates. Banks are traditionally the largest users of Grade A office space in the region, and they are likely to cut back on expansion plans and even consolidate current operations in the year ahead. In the region's major office markets, Tokyo's prime rentals are leading the decline. Others are expected to follow suit over the next 12 to 18...
THE collapse of Lehman Brothers Holdings may contribute to an easing of demand for prime office space in Singapore, where commercial rents are already peaking amid slowing economic growth, property consultants said. The market turmoil that this week also forced the sale of Merrill Lynch to Bank of America and a bailout of American International Group will probably further slow expansion by international...
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...
With no new major buildings yet completed, supply of office space continues to be tight in the Central Business District (CBD). In the wake of unceasing uncertainties in the wider economy and high office rentals, more companies are adopting a cautious business approach, gravitating towards cheaper premises like decentralised office buildings, industrial properties, business parks and disused State...
Rising inflation, shrinking exports and flagging economic growth have dampened business confidence across Asia and slowed prime office rent growth. CB Richard Ellis (CBRE) said on Tuesday, in its second quarter office market report for the Asia-Pacific region, that top financial and professional services firms have begun to slow their expansion in the region. Potential corporate occupiers have become...
Prices of private homes in Singapore grew at a slower pace in the second quarter than initially projected - climbing at just 0.2 per cent against an earlier estimate of 0.4 per cent. This is a far cry from the 3.7 per cent growth in the previous three months. Analysts said this is the first time that final numbers have come in lower than flash estimates, suggesting that home prices are finally...
SINGAPORE’S booming office market is facing a drop in demand and a slowdown in rents that have left many wondering: What happens next, when a host of new developments are launched? Tight supply and high demand, mostly from financial institutions, made Singapore the ninth most expensive office market in the world, ahead of rival Hong Kong, according to property consultant CB Richard Ellis. Rents nearly...
CAPITACOMMERCIAL Trust, the office landlord run by CapitaLand, will pay investors 23 per cent more in dividends for the second quarter, as it earned more rental income. Shareholders will receive $36.1 million, or 2.6 cents a share, for the three months ended June 30, from 2.12 cents a year earlier. CapitaCommercial also expects to post higher income for the rest of the year, as it increases rents on...