Office rents rose at a faster pace in the fourth quarter, but may slowdown next year until recovery in the US and Europe gather momentum, real estate consultant DTZ Research said. It said average prime gross rents in Raffles Place rose 7.1 per cent on quarter to S$9 per square foot per month, from a 6.3-per cent rise in the previous quarter. For the whole of 2010, average prime gross rents in Raffles...
Office Rental
Rentals in the Singapore office market have continued its upswing, growing strongly in the final quarter of the year, according to property consultancy Jones Lang LaSalle (JLL). Based on its preliminary estimates, average Central Business District (CBD) Prime Grade A gross effective rent in the fourth quarter increased 7.5 per cent on-quarter to S$9.35 per square foot per month. This translates to a 19.9...
Demand for Grade A office space in Singapore will grow next year, pushing rents up by between 15 and 20 percent. Some analysts believe the office segment might do better than the residential property sector next year. Rising employment and the growing financial and services sectors are some of the factors prompting companies to continue expanding their operations next year. Donald Han, Vice Chairman,...
Singapore's commercial property sector will likely see a 15-20 per cent increase in rental values next year, after a 22 per cent growth this year, according to CBRE. This will be driven by strong occupier demand for office space in Singapore despite plenty of supply coming on stream. CBRE points to the Marina Bay Financial Centre (MBFC) as one example of strong demand. The first phase of MBFC was fully...
Among business centres in Asia Pacific, Singapore and Beijing saw landlords enjoying the strongest growth in rentals in the third quarter of 2010. According to a Jones Lang LaSalle survey, both cities' Grade A rentals recorded a quarterly net effective rental growth of 10.9 per cent. Overall, the Asia Pacific Office Rental Index showed an increase of 1.8 per cent in the third quarter. In terms of...
Office rents in Singapore posted their biggest jump in the third quarter since the end of 2007, led by increasing demand from financial institutions, insurance firms and professional business-services companies. According to property consultancy CB Richard Ellis, prime rents in Singapore climbed 7.2 per cent from the previous three-month period, to $7.40 per sq ft per month. Major leasing deals in...
Office rents in Singapore posted their biggest jump since the end of 2007 in the third quarter, led by increasing demand from financial institutions, insurance firms and professional business services companies. According to property consultants CB Richard Ellis (CBRE), prime rents in Singapore climbed 7.2 per cent from the previous three-month period, to S$7.40 per square foot per month. Major leasing...
Singapore was the third-most expensive office location in the Asia-Pacific region in the third quarter of this year. According to property consultant Colliers International, it is the fifth straight quarter that Singapore has held that rank, with an annual gross rent of US$67 per square foot. That is a 15.6 per cent increase from the previous quarter. Topping the list is Tokyo, which remained in first...
Historically, the Singapore office market has not been a very volatile one when compared to other major markets such as Hong Kong. However, in recent years the market here has become much more volatile than usual, as can be seen during the last cycle. Rents grew very rapidly from around $5 per square foot per month (psf pm) in 2003 and 2004 to a peak of $18.40 psf pm in Q3 '08. Rents then fell very...
The ongoing economic recovery will likely drive Grade A office rentals to rise by more than 25 per cent in two years. This is according to the latest property report by Swiss-based investment bank Credit Suisse. The bank said that it expects rent to hit $12 per square foot (psf) for super prime office space, such as the Marina Bay Financial Centre, by 2012. Meanwhile, rentals for Grade A office space and...