Rents of grade A office space has increased in 13 markets in Asia Pacific in the first quarter of 2012, according to Jones Lang LaSalle in its just-released Q1 Asia Pacific Office Index Report. The Index monitors grade A net effective rents in 27 key markets in Asia Pacific. It also highlighted that rents of grade A office space remained static in 3 markets and declined in 11 markets. Aggregate rental...
Office Rental
Vacancy rates of Grade A office buildings in the central business district (CBD) declined at a slower pace to 6.5 per cent in the first quarter this year. This compared to the 6.8 per cent fall in the fourth quarter of last year. According to property consultancy Savills Research in its latest report on the office sector on Friday, the leasing market has been dominated by enquires from small- to...
Hong Kong and Singapore commercial property rents and prices will drop by more than 15 per cent this year as financial services companies keep a lid on growth or shrink, according to Jones Lang LaSalle. Hong Kong rents will drop by 15 per cent this year and prices by 16 per cent, while Singapore rents will fall 11 per cent and values 20 per cent, Mr Alastair Hughes, Asia-Pacific chief executive officer of...
Over the next five years, the cost of occupying a workstation in Singapore's business district will be among the slowest to grow globally, according to property services firm, DTZ. Driven by downward pressure from negative rental growth in 2012 and 2013, Singapore joins Bangkok and Kuala Lumpur as locations that will see the lowest growth in office occupancy costs. Factors that contribute to this...
Vacancy rates of Grade A offices in the central business district (CBD) rose to 6.9 percent in the fourth quarter last year, according to property consultancy Savills Research in its latest report on the office sector on Wednesday. It said vacancy rates for such premium office space have remained below 5 percent over the last five quarters. The report also pointed out that the Shenton Way area recorded...
Office rents have started to show signs of falling and analysts say the pipeline of new office space is not going to help. According to Colliers International, rents in the Central Business District fell by 1.6 per cent on-quarter in the fourth quarter of 2011. The decline was worse in the Grade A micro market of Raffles Place and New Downtown, where rents fell by 4.3 per cent. This is the first drop...
Office rents in the Raffles Place business district have stalled, according to figures from property services firm, DTZ. Prime office rents were unchanged in the second half of the year, after rising by 5.4 per cent and 3.3 per cent in the second and first quarters respectively, DTZ said. DTZ attributed the stagnation to occupier concerns over the worsening Eurozone debt crisis. The average office rent...
Property consulting firm Savills expects Singapore's overall rents for Grade A office space to trend downwards by 15 per cent in 2012. In its latest report, Savills adds that capital values of these properties will also soften by 10 per cent. It says that "negative fallout arising from the prolonged financial turbulence and global economic slowdown has intensified, resulting in slower absorption of Grade...
Singapore's office property market cooled in 2011, weighed down by concerns over the anemic growth in the US and the eurozone debt crisis. Analysts said vacancies are likely to rise next year as a result of economic slowdown and weaker business. There may also be some downward pressure on rentals. Several financial institutions have moved to bigger and shinier offices this year. Standard Chartered...
Office rents in Hong Kong and Singapore are set to fall, brokers say, as their markets start to reflect the slowdown in trade and investment caused by the euro zone debt crisis. In a mid-quarter review released yesterday, Jones Lang LaSalle forecast Grade A rents in Hong Kong to fall 5 to 6 per cent in the fourth quarter to US$1,643 (S$2,107) per sq m per year and 4 per cent in Singapore to US$786 per sq...