The Republic has moved up two notches to rank seventh in a list of the world's most expensive office locations as of June, its highest ranking in two years. It is also the world's sixth most expensive warehouse location as of June, up from seventh position in December, according to two surveys by Colliers International released yesterday. Data shows that rental growth for Grade A offices in the Central...
Office Rental
Rents for prime commercial properties are continuing to moderate. The deteriorating economic outlook has also seen Grade A office rental growth slow to its weakest pace in a year. Singapore's office property market cooled further in the third quarter. Colliers International said Grade A office rents in the CBD grew by a marginal two per cent in the quarter to S$9.08 per square foot per month. Rents in...
The lower office rents in Singapore could be an attraction to some businesses in Hong Kong to relocate here. This is according to a report issued on Monday by property consultant Jones Lang LaSalle (JLL). Chua Yang Liang, Head of Research for Singapore and Southeast Asia at JLL believes that there could be some spill over effects from the Hong Kong office market which is experiencing rapidly escalating...
Singapore has maintained its position as the third most expensive office location in the Asia Pacific region for the eighth consecutive quarter since the office market bottomed in third quarter 2009. According to Colliers International Research's latest Asia Pacific Office Market Overview report, annual gross rents for Grade A offices in the Central Business District (CBD) increased 9 per cent to S$105.31...
Grade A office properties in the Marina Bay and Raffles Place vicinity have been commanding respectable take-up rates. Overseas Union Enterprise's OUE Bayfront, which obtained its temporary occupancy permit (TOP) in January, has committed leases of 77 per cent of its 500,000 square feet of net lettable area. OUE said that its latest tenants include international law firm Hogan Lovells International and...
More small and medium enterprises (SME) are taking steps to own their business premises. Experts said the upturn in Singapore's economy encouraged companies to increase their capacity. And SMEs are also opting to buy office, warehouse and factory space to save on rental costs which analysts said could rise by 15 to 18 per cent this year. Packaging solutions provider Greenpac believes consolidating its...
Property consultant Colliers International has released research reports covering industrial, investment sales, office and the retail space in Singapore for the second quarter of the year. In the office space sector, Colliers said competition for tenants kept the rental growth of Grade A office space within the single-digit territory. In the Raffles Place and New Downtown micro-market, monthly gross...
Office rents continued trending upwards in the second quarter, despite a substantial amount of space to be completed this year. Based on a basket of existing buildings tracked by DTZ Research, the average gross rent of offices in Raffles Place rose 5.4 per cent quarter-on-quarter to S$9.80 per square foot per month in Q2. Rents in the Harbourfront and Anson/Tanjong Pagar area increased to S$7.30 per...
: Occupancy levels across all major office micromarkets in Singapore rose in the second quarter, according to property consultant CB Richard Ellis (CBRE). Occupancy levels at the Fringe CBD - which includes office buildings in Tanjong Pagar, Orchard Road and Beach Road/City Hall area - increased 0.7 percentage point on-quarter to a record 94.3 per cent. Occupancy levels in the Core CBD - which covers...
Singapore's office property market appears to have averted an overheating situation, with office rents in the second quarter growing at a single-digit pace amid the continued easing of occupancy rates, real estate consultancy Colliers International said on Tuesday. Average monthly gross rents of islandwide Grade A office space in Singapore recorded the third consecutive quarter of moderation in...