Prices of office space were flat in the second quarter after a 0.5 per cent increase in the first quarter, while prices of retail space fell 0.3 per cent after remaining unchanged in the previous quarter, the Urban Redevelopment Authority (URA) said on Friday (July 25). Rental prices of office space in the second quarter rose 2.8 per cent from the previous three months, following the 2.4 per cent...
Office Space
Property analysts are expecting prime office rents in the central business district (CBD) to rise by 10 per cent over the next 12 to 18 months. The increase will be driven largely by demand for Grade A office buildings in the CBD. But if rents there spike significantly, analysts warn that some tenants could move to the suburban areas. Market watchers have said that rent at Grade A office buildings...
Singapore's office market is recovering but central business district rents are unlikely to rise dramatically as much of the new demand is from tenants who are more price-sensitive, real estate services firm Chestertons said on Tuesday (July 8). According to Chestertons, firms in sectors such as energy, commodities and technology do not necessarily require prime CBD locations and will be among the first...
The recovery in Singapore's office property market gained a firmer footing in the second quarter of 2014, according to Colliers International's latest Research and Forecast Report. As growth momentum in the global and local economy picks up, brighter business prospects sparked more leasing demand for office developments, the report said. All Grade A office micro-markets breached the technical full...
The upcoming CapitaGreen, a Grade A office building at Market Street, has secured leasing pre-commitments for 21 per cent of its net lettable area, joint developer CapitaCommercial Trust (CCT) said on Wednesday (July 2). About 150,800 sq ft of the 40-storey building’s total net lettable area of 700,000 sq ft has been committed, CCT said. The tenants include multinational firms such as commodities...
Equity Plaza, a 28-storey office tower in Singapore's central business district (CBD), has been sold for S$550 million to a consortium led by mainboard-listed GSH Corp. Real estate consultancy CBRE, which brokered the sale, said the price works out S$2,181 per square foot (psf) based on the building's current net lettable area of about 252,135 square feet. Keppel Land was the seller of the property....
Property consultants on Wednesday (June 18) said the office space market in Singapore could see a slight moderation in 2016, when some 4 million square feet of new supply come onstream. New office buildings are already taking a longer time to find tenants, they said, and this could push vacancy rates up in the Central Business District. According to analysts, the take-up rate in the Central Business...
The office leasing market in the central business district has seen a greater diversification in tenants over the past 12 months. Property consultants say that as financial institutions continue to rationalise their real estate costs, others such as dotcom companies are expanding in prime city locations to attract "Gen Y" talent. Unlike those in other cities, tech companies in Singapore are located...
Social media companies such as LinkedIn and Facebook are taking office space in the central business district here because they want to attract the best talent, said Mr Chris Archibold, international director and head of markets at property agency Jones Lang LaSalle in Singapore, as the tech giants displace large banks in some prime locations. Barclays, the second-largest United Kingdom bank by assets,...
Office rents in Singapore's central business district rose 3.2 per cent in the first three months of 2014 from the fourth quarter of last year, helped by an improvement in global business sentiments. Property consultants Colliers International said on Wednesday that the average monthly gross rents for Premium and Grade A office space in Singapore's CBD increased to S$8.99 per square foot in the first...