Three new tenants are taking up space at the Tower 3 of Marina Bay Financial Centre (MBFC). According to a news release, the three are mining group Rio Tinto, Fitness First and The Regus Group. They will collectively occupy a total of 75,000 square feet of the 46-storey tower. Mining giant Rio Tinto will occupy one-and-a-half floors totalling 46,000 square feet when it moves its Singapore staff to MBFC...
Office Space
Vacancy rates of Grade A offices in the central business district (CBD) rose to 6.9 percent in the fourth quarter last year, according to property consultancy Savills Research in its latest report on the office sector on Wednesday. It said vacancy rates for such premium office space have remained below 5 percent over the last five quarters. The report also pointed out that the Shenton Way area recorded...
Office rents have started to show signs of falling and analysts say the pipeline of new office space is not going to help. According to Colliers International, rents in the Central Business District fell by 1.6 per cent on-quarter in the fourth quarter of 2011. The decline was worse in the Grade A micro market of Raffles Place and New Downtown, where rents fell by 4.3 per cent. This is the first drop...
Office rents in the Raffles Place business district have stalled, according to figures from property services firm, DTZ. Prime office rents were unchanged in the second half of the year, after rising by 5.4 per cent and 3.3 per cent in the second and first quarters respectively, DTZ said. DTZ attributed the stagnation to occupier concerns over the worsening Eurozone debt crisis. The average office rent...
Property consulting firm Savills expects Singapore's overall rents for Grade A office space to trend downwards by 15 per cent in 2012. In its latest report, Savills adds that capital values of these properties will also soften by 10 per cent. It says that "negative fallout arising from the prolonged financial turbulence and global economic slowdown has intensified, resulting in slower absorption of Grade...
Singapore's office property market cooled in 2011, weighed down by concerns over the anemic growth in the US and the eurozone debt crisis. Analysts said vacancies are likely to rise next year as a result of economic slowdown and weaker business. There may also be some downward pressure on rentals. Several financial institutions have moved to bigger and shinier offices this year. Standard Chartered...
Office rents in Hong Kong and Singapore are set to fall, brokers say, as their markets start to reflect the slowdown in trade and investment caused by the euro zone debt crisis. In a mid-quarter review released yesterday, Jones Lang LaSalle forecast Grade A rents in Hong Kong to fall 5 to 6 per cent in the fourth quarter to US$1,643 (S$2,107) per sq m per year and 4 per cent in Singapore to US$786 per sq...
Singapore's office property market has lost its appeal as an investment, according to real estate firm DTZ. DTZ said demand for office space has declined, and the sector is now considered "cold". It defines "cold" as property that is more than 5 per cent overpriced, with potential yield below expectations. "Singapore has traditionally been a volatile market, and our rental outlook has been impacted by...
Emeritus Senior Minister Goh Chok Tong said the close partnership between the government and private sector was critical to the successful development of Singapore's new downtown at Marina Bay. Mr Goh was speaking on Tuesday evening at the opening of Asia Square Tower 1. "Looking ahead, we must continue to upgrade Singapore's business infrastructure in order to meet the changing needs of global business...
The Republic has moved up two notches to rank seventh in a list of the world's most expensive office locations as of June, its highest ranking in two years. It is also the world's sixth most expensive warehouse location as of June, up from seventh position in December, according to two surveys by Colliers International released yesterday. Data shows that rental growth for Grade A offices in the Central...