Office rentals for international Grade A office space in Singapore's prime financial district look set to climb higher by at least 25 per cent over the next two years. This was the view of property analysts who believe that office property rents have already reached bottom, and will likely see a strong pick-up from the second half of this year. "International Grade A" refers to a new generation of office...
Office Rental
Singapore's office property market is picking up, according to brokerage firm Nomura. It noted that office rentals in Singapore are bottoming out amid stronger-than-expected demand, prompting tenants to commit sooner than expected. Nomura said a reduction in occupancy costs and the desire to secure contiguous expansion or better quality space has prompted pre-commitments. Given such stronger demand -...
The upswing in office leasing deals continues, helping to absorb more of the space in new office projects being built. Much of the latest leasing buzz has focused on Ocean Financial Centre (OFC) and 50 Collyer Quay, which are completing next year, as well as 71 Robinson Road, which was completed last year. Click here to find out more! Law firm Drew & Napier is believed to have inked a lease for...
Raffles Place is not likely to lose its lustre as a business district, said Ms Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), which has three office properties in the area. Despite some financial institutions moving to Marina Bay, she is seeing interest from existing tenants and potential tenants for more office space in the Trust's Raffles Place properties, which include One...
A NEW tenant is set to move into the top floors of OUB Centre at One Raffles Place for 10 years, where it will operate the tower's viewing gallery and roof-top restaurant. OUB Centre said yesterday that restaurant, cafe and bar operator Synergyinthesky will take up 16,000 sq ft of commercial space on the top three levels of the tower, where it recently added 6,000 sq ft of space for a viewing...
But it continues to improve on competitiveness SINGAPORE has risen two notches on the latest bi-annual list of the world's most expensive office locations. But Singapore's competitiveness - in terms of office occupancy costs - continued to improve, as the gap between rents here and in other major financial centres widened, the report by Colliers International found. Colliers' second-half 2009 global...
Singapore's cheaper office rents compared to those in other key financial centres are making the city-state the choice location for business start-ups. Consultants Colliers International found that in the second half of last year, the annual average gross rent of an office in Singapore was about US$53.71 or S$76 per square foot. Singapore's closest competitor, Hong Kong, was priced at US$161.14 or S$225...
The Singapore office market stabilised in the first quarter of this year. Overall rentals dipped only 1.5 to two per cent compared with the previous three months. Analysts said they expect rents in the central business district to fall further, as office tenants choose higher quality space. Market watchers also believe that demand will not keep pace with new supply coming on stream. Marina Bay...
Singapore's industrial and office property markets are showing signs of improvement. Property consultancy DTZ Research on Wednesday said that islandwide office occupancy improved in the first quarter of this year. The average islandwide office occupancy rate rose 0.7 percentage-point on-quarter to 92.4 per cent. DTZ said the improvement in occupancy rate was due to an increase in demand. There was also...
Rents seen staying soft because of the substantial supply pipeline Office rents contracted for a sixth straight quarter in the first three months of this year - but the decline was marginal and rents appear to have stabilised on the back of positive occupier demand and the brighter economic outlook. According to CBRE Research, prime office rents eased 0.7 per cent to $6.70 per square foot per month (psf...