Property consultant Colliers International has released research reports covering industrial, investment sales, office and the retail space in Singapore for the second quarter of the year. In the office space sector, Colliers said competition for tenants kept the rental growth of Grade A office space within the single-digit territory. In the Raffles Place and New Downtown micro-market, monthly gross...
Office Space
Office rents continued trending upwards in the second quarter, despite a substantial amount of space to be completed this year. Based on a basket of existing buildings tracked by DTZ Research, the average gross rent of offices in Raffles Place rose 5.4 per cent quarter-on-quarter to S$9.80 per square foot per month in Q2. Rents in the Harbourfront and Anson/Tanjong Pagar area increased to S$7.30 per...
: Occupancy levels across all major office micromarkets in Singapore rose in the second quarter, according to property consultant CB Richard Ellis (CBRE). Occupancy levels at the Fringe CBD - which includes office buildings in Tanjong Pagar, Orchard Road and Beach Road/City Hall area - increased 0.7 percentage point on-quarter to a record 94.3 per cent. Occupancy levels in the Core CBD - which covers...
Singapore's office property market appears to have averted an overheating situation, with office rents in the second quarter growing at a single-digit pace amid the continued easing of occupancy rates, real estate consultancy Colliers International said on Tuesday. Average monthly gross rents of islandwide Grade A office space in Singapore recorded the third consecutive quarter of moderation in...
Asia Square Tower 1, located at Shenton Way, has already leased out 62 per cent of its office space and pre-let more than half of the building. The developers of the building, MGPA, gave the update after it was awarded its Temporary Occupation Permit (TOP) on June 21. MGPA said it was awarded the land parcel in September 2007 and construction was completed in less than four years, making it the fastest...
Singapore's office property market appeared to have averted an overheating situation, with office rents in the second quarter this year maintaining at single-digit growth. According to the latest quarterly office property market research report by Colliers International, this comes amid the continued easing of occupancy rate. Average monthly gross rents of Grade A office space in Singapore recorded the...
The Urban Redevelopment Authority (URA) on Tuesday launched the tender for a commercial site at Robinson Road and Cecil Street. The land parcel, located within walking distance to Tanjong Pagar MRT Station, occupies a prime location in the heart of the Central Business District. The 0.29 hectare site, which can generate about 32,000 square metres of gross floor area, is poised to be developed into a...
The commercial and office property sector in Singapore is set to outshine Hong Kong's in the medium term. This is according to analysts, who expect dramatic increases in office rents in Hong Kong over this year and the next. Based on research from property consultancy Savills, Grade A office rents in Hong Kong will increase at a rate of 25 per cent this year. This is compared to 10 per cent for Singapore....
Singapore's first multi-storey car park in the financial district, Market Street Car Park, will be demolished by June 30. This will include the food court and shops within the car park, which is located in the heart of the Central Business District (CBD). Market watchers said many people working in the area are dependent on the car park. In previous reports, they also said the move might increase the...
77 Robinson Road, formerly known as SIA Building, is expected to be up for sale soon. Its owner, German fund manager SEB, could be looking for a price of around $2,300-2,500 per square foot (psf) on net lettable area, which works out to around $678-737 million, property experts reckon. The 35-storey office site has a remaining lease of about 82 years. It has a total net lettable area of about 295,000 sq...