Average office rents in the Central Business District (CBD) area in the second quarter of the year stayed flat quarter-on-quarter at S$10.85 per sq ft, property consultant DTZ said in a news release on Wednesday (Jul 1). According to DTZ, the slowdown in rental growth was also a result of slower demand in the face of uncertain global situations such as the risk of a sharp correction in China’s real...
Office Rental
With their colourful facade and distinctive five-foot way, shophouses are reminiscent of Singapore's past. But even in today's modern business environment, there is still a demand for them. At Amoy Street, such shophouses have been taken up by creative outfits, restaurants and even small businesses who are looking for cheaper office space. With office rents already going up by 9.8 per cent in the last...
Prime office rent in the Republic is expected to rise by 5 to 7 per cent in 2015, helped by the lack of new office space in the next two years, real estate services firm Knight Frank said on Wednesday (Dec 31). Knight Frank said that while more firms in the technology, media and internet sectors are looking to relocate to prime office spaces, the amount of new office space coming onto the market next...
South Beach Tower at Beach Road has yet to open its doors to corporate tenants, but analysts have said it has already had an impact on office rents in the vicinity. Over the next 10 years, the Bugis-Beach Road office submarket could become a preferred choice of location for cost-conscious businesses. The S$3 billion South Beach project has some 500,000 square feet of office space, and tenants are...
Office rentals have been pushing higher in 2014, with tight supply pushing rentals up by more than 10 per cent. Consultancy Jones Lang LaSalle (JLL) projects that rentals at office buildings in the Central Business District (CBD) - including Marina Bay, Shenton Way and Raffles Place - could grow by some 16 per cent, driven primarily by the tight supply of new office space in Singapore. Looking into...
Cloudy days are in store for the resilient Grade A office market in Singapore, with rents expected to come under pressure in the second half of next year as competition for tenants intensifies, the manager of Marina Bay Financial Centre (MBFC) and One Raffles Quay said yesterday. An upcoming avalanche of supply from several mega projects from 2016 will be exacerbated by slowing demand from the financial...
Office rental rates in Singapore grew 3.5 per cent from the previous quarter in the third quarter of the year, the fastest growth in Asia, Jones Lang LaSalle said. The strong rental growth comes on the back of low vacancy levels in the city-state, the real estate consultancy said in a report released on Wednesday (Nov 19). Office rents in Tokyo, Beijing and most emerging South-east Asia markets grew...
The Republic is expected to top the rental forecast for Asia Pacific cities, with a 25 per cent increase in office rents from 2014-2019. This is according to a report from property consultancy Knight Frank, released on Wednesday (Sep 24). The increase will push Singapore to fourth place on the Knight Frank Global Cities index, behind San Francisco, Madrid and New York in terms of rental forecast. The...
The office rental market continues to grow ahead of the retail and industrial property segments. Latest data from the Urban Redevelopment Authority (URA) on Friday (July 25) shows that rentals of office space rose 2.8 per cent in the second quarter of 2014, compared with a 2.4 per cent increase in the first quarter. Analysts say they could climb by another 5 per cent in the second half of this...
Property analysts are expecting prime office rents in the central business district (CBD) to rise by 10 per cent over the next 12 to 18 months. The increase will be driven largely by demand for Grade A office buildings in the CBD. But if rents there spike significantly, analysts warn that some tenants could move to the suburban areas. Market watchers have said that rent at Grade A office buildings...