Singapore's office market rebounded in the third quarter as rents increased across all districts. Global real estate adviser DTZ said prime rents in Raffles Place rose 6.3 per cent on-quarter to S$8.40 per square foot per month. Average office rental values in other parts of the city centre saw a significant rental growth of 4.2 per cent to 7.3 per cent in the quarter. This comes after rental values...
Office Rental
More office transactions are taking place and buyers are also willing to raise their offers to match promising performance of the office sector About two years ago, following the collapse of Lehman Brothers and the deepening global financial crisis, property analysts were pessimistic about the Singapore office market amid concerns over weak demand and a supply overhang. Companies began slashing jobs...
Office space take-up rates continue to strengthen in Singapore and across Asia Pacific. According to Jones Lang LaSalle, this is due to improved economic climate and stronger business confidence. Jones Lang LaSalle said that in the second quarter of this year, take-up of office space across Asia Pacific's Tier I cities increased by 13 per cent on-quarter to 1.3 million square metres. It added that in...
Singapore has held on to its position as the third most expensive office location in the Asia-Pacific region for the second quarter of this year, according to Colliers International's latest Asia Pacific Office Market Overview. Singapore commanded annual gross rents of about US$58 ($77) per square foot (psf) in the second quarter, while Tokyo and Hong Kong took top and second spot with rents of around...
NET office demand surged in the second quarter of this year to its highest quarterly level since Q3 2007. Urban Redevelopment Authority figures released yesterday showed a net increase in demand of 398,264 square feet in Q2, up about 68 per cent from the previous quarter. The Singapore office market has not seen such strong quarterly take-up since Q3 2007, when net demand of 646,000 sq ft was...
Mainboard listed Overseas Union Enterprise or OUE says its subsidiary, Clifford Development, has obtained pre-committed leases totaling some 88,000 square feet for its latest development 50 Collyer Quay. This is equivalent to 22 per cent of the net lettable area of the project. The initial lineup of tenants include global business consulting firm Bain & Company and international law firm Allen &...
Two foreign banks, ANZ and BNP Paribas, have become the latest to sign up for space at Ocean Financial Centre at Raffles Place. This raises the pre-commitment levels at the building to over 60 per cent. Analysts said demand and rentals for prime office space is expected rise in the short term as companies in the region continue to expand their businesses. Putting the final touches at the topping-out...
Keppel Land says two foreign banks, Australia and New Zealand Banking Group, and BNP Paribas Singapore, plan to lease prime office space at its Ocean Financial Centre. Keppel Corporation Chairman Choo Chiau Beng announced this at the topping out of the Centre Wednesday. He says ANZ plans to lease about 209 thousand square feet of office space, while BNP Paribas Singapore plans to lease some 58 thousand...
Rental growth for transitional offices located in the city's fringe is expected to slow in the months to come but such offices can maintain their yields, if they are located in areas around Scotts Road and Mohammed Sultan. Office rents in the Central Business District have slipped some 60 per cent from their peak in 2008 and that has prompted some companies to move back into the city. Analysts said the...
Rentals for international Grade A office space in Singapore's financial district may climb at least 25 per cent in the next two years. Analysts said Grade A office rents have already hit bottom, and will likely pick up from the second half of this year. Singapore's Marina Bay Financial Centre is one of prime areas in the city offering a new generation of office buildings. They are less than 10 years old...