Singapore's office market is recovering but central business district rents are unlikely to rise dramatically as much of the new demand is from tenants who are more price-sensitive, real estate services firm Chestertons said on Tuesday (July 8). According to Chestertons, firms in sectors such as energy, commodities and technology do not necessarily require prime CBD locations and will be among the first...
Office Rental
Office rents in Singapore's central business district rose 3.2 per cent in the first three months of 2014 from the fourth quarter of last year, helped by an improvement in global business sentiments. Property consultants Colliers International said on Wednesday that the average monthly gross rents for Premium and Grade A office space in Singapore's CBD increased to S$8.99 per square foot in the first...
Singapore office rents are likely to rise by 5 to 10 per cent this year, due to lack of new supply coming into the market, real estate firm Savills said on Thursday. "The overall vacancy rate of CBD (Central Business District) Grade A offices tracked by Savills declined for the fourth consecutive quarter, from 7.8 per cent at the end of 2012 to 3.4 per cent by the end of Q4 2013," Savills said in a...
Office rental rates in Singapore are showing signs of recovery after continued declines in the past year, as companies move to secure additional space because of improving local and global economic outlook. Tier 1 office rents inched up 0.6 per cent quarter-on-quarter in the three months ended June 30, the first increase since the third quarter of 2011, property consultancy Jones Lang LaSalle said in...
Monthly rental rates for office space in the Raffles Place/New Downtown micro-market increased for the first time in almost two years during the second quarter, as improved infrastructure in the area lent support to demand. With average office rents in the overall Central Business District also stabilising, the outlook is positive for the second half this year, Colliers International said in a quarterly...
The Republic’s office rents are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, said CapitaCommercial Trust. Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Ms Lynette Leong, Chief Executive Officer of CapitaCommercial Trust. Supply for the next three years will...
Grade A offices in areas like Shenton Way and Raffles Place are now looking more attractive to Singapore firms. Experts said companies are taking advantage of cheaper rentals, as well as more space made available by large multi-national firms moving into the Marina Bay Financial District. IT marketing firm Sapient said they struck a pretty good deal for their current space at Cecil Street. After...
Singapore office rents are extending their slide as global economic uncertainty forces landlords to drop prices. Colliers International said the average monthly gross rents for central business district (CBD) Grade A space fell by 1.1 per cent quarter-on-quarter to S$8.45 per square foot in the three months ended June 2012. This follows a 4.3 per cent on-quarter drop in Q1. The price decline appears to...
Renting prime office spaces in the Central Business District (CBD) has been getting cheaper since the third quarter of 2011. However, landlords need not fret any further. Experts said the Grade A office market will soon reach its bottom by the end of 2012. Without new office space in the CBD being injected in the second quarter of 2012, landlords have much to cheer. Analysts said this will stem the...
Singapore's office vacancy rates are expected to rise further across all grades and micro markets, with a peak expected in 2013, according to property consultant CB Richard Ellis (CBRE). Island-wide vacancy in Singapore increased to 7.3 per cent in Q1 2012. Vacant stock island-wide totalled 3.8 million sf. In Core CBD, the vacancy rate grew to 9.30 per cent from 8.80 per cent in Q4 2011. Going forward,...