OFFICE rents in Singapore's central business district (CBD) fell by 3.9 per cent in the first quarter of this year from the previous quarter - their third straight quarterly decline - as concerns over a global economic slowdown dampened demand for office space. Office rents fell to S$9.90 per square foot (psf) per month in Q1 2016, according to DTZ Southeast Asia, which is expecting them to continue...
Office Space
A PROPERTY fund managed by Alpha Investment Partners has taken full ownership of 78 Shenton Way after buying out partner Commerz Real's half stake in the asset. Alpha Investment Partners is part of Keppel Corporation. The transaction, said to have been done three weeks ago, was effected through the sale of shares in the special purpose vehicle that holds 78 Shenton Way. The deal priced the entire...
THE concept of co-working space is gaining traction with office landlords here, with CapitaLand being the latest to introduce this in its headquarters building. CapitaLand is partnering co-working space operator Collective Works under a 50-50 joint venture to turn the entire 12th floor at Capital Tower into co-working space. Spanning some 22,000 square feet, this can potentially house up to 250...
Co-working spaces, a concept which made its way here six years ago, can be a hedge for office landlords against a wave of new office completions. Rather than engage in an intense price war on rental incentives and subsidies, developers can take a dip in this "blue ocean" to gain a competitive advantage over their peers, Cushman & Wakefield says in a new report. One way is to carve out undesirable or...
BLACKROCK'S exclusive negotiation period on the sale of Asia Square Tower 1 to a consortium led by ARA Asset Management has ended without a deal being concluded. The asset management giant, however, is said to be still in discussions with ARA but may also reach out to other parties, including CapitaLand, which was the original preferred bidder when an expression of interest exercise for the 43-storey...
Subletting of excess space seems to be emerging as a viable option for tenants to ease their rental burden, as they look to navigate a slowing economy. With the latest spate of corporate downsizing by financial institutions, some companies may be giving up office space before their leases have expired. For these firms, they may - with the landlord's approval - look to sublet the space to another...
Vacancies at Singapore's gleaming office towers are nearing their highest level in almost a decade, with construction of the city-state's tallest building - GuocoLand Ltd's 64-floor block in the financial district - wrapping up just as the economy slows. Singapore's export-oriented economy has been hit by the slowdown in China and beyond, which has also put pressure on key sectors such as marine oil and...
Vacancies at Singapore's gleaming office towers are nearing their highest level in almost a decade, with construction of the city-state's tallest building - GuocoLand Ltd's 64-floor block in the financial district - wrapping up just as the economy slows. Singapore's export-oriented economy has been hit by the slowdown in China and beyond, which has also put pressure on key sectors such as marine oil and...
DESPITE a generally quiet leasing market, there has been buzz about two big transactions involving major players. BT understands that The Bank of Tokyo-Mitsubishi UFJ (BTMU) is in advanced discussions to lease about 140,000 square feet of office space at Marina One. It will be moving out of Republic Plaza, where it is the anchor tenant and also one of the oldest in the building, occupying about 150,000...
Office buildings in the city fringes may be increasingly left vacant as tenants seek the opportunity to move into Grade A premises in the Central Business District (CBD) with rents weakening amid an onslaught of incoming supply. Pundits, such as Bloomberg columnist Andy Mukherjee, have blamed the weak office market here on a “fundamental miscalculation” on the part of some Singapore developers that...