Singapore's office market rebounded in the third quarter as rents increased across all districts. Global real estate adviser DTZ said prime rents in Raffles Place rose 6.3 per cent on-quarter to S$8.40 per square foot per month. Average office rental values in other parts of the city centre saw a significant rental growth of 4.2 per cent to 7.3 per cent in the quarter. This comes after rental values...
Office Space
More office transactions are taking place and buyers are also willing to raise their offers to match promising performance of the office sector About two years ago, following the collapse of Lehman Brothers and the deepening global financial crisis, property analysts were pessimistic about the Singapore office market amid concerns over weak demand and a supply overhang. Companies began slashing jobs...
Mainboard-listed United Industrial Corporation (UIC) plans to redevelop the UIC Building at 5 Shenton Way. The company has paid an estimated development charge of S$160.1 million to the Urban Redevelopment Authority for the proposed redevelopment. This is based on a 60 per cent residential and 40 per cent commercial mix with a gross floor area of 926,589 square feet (86,083 square metres). UIC said the...
Keeping Singapore attractive as a corporate headquarters location To maintain its appeal to multi-national corporations (MNCs), Singapore needs to stay ahead of its main competitors in terms of the built environment on offer. What factors encourage inward investment by office occupiers into Singapore? What elements are required for successful future office developments? The key to maintaining functional...
Office space take-up rates continue to strengthen in Singapore and across Asia Pacific. According to Jones Lang LaSalle, this is due to improved economic climate and stronger business confidence. Jones Lang LaSalle said that in the second quarter of this year, take-up of office space across Asia Pacific's Tier I cities increased by 13 per cent on-quarter to 1.3 million square metres. It added that in...
Global financial services provider AXA will become the anchor tenant for the office building, 8 Shenton Way, located within the Central Business District. The group has worked out the agreement with MGPA, a private equity real estate investment advisory company, which owns the building. Under a six-year term, AXA will occupy five floors totaling about 70,000 square feet. The company has an option to...
Overseas Union Enterprise (OUE) has bought DBS Towers One and Two for nearly S$871 million. DBS Towers, with a 99-year lease, is located at Shenton Way in the heart of the central business district. DBS Tower One was built in 1975 and was then the tallest building in Singapore and the first to incorporate a covered walkway around the entire city block. Together with DBS Tower Two, the 37-storey...
Around 1.5 million square metres of office space was absorbed in the Asia Pacific market in the second quarter of this year. That's almost five times the amount recorded during the same period in 2009. A new research report released by global property adviser DTZ has found that occupied space in the Asia Pacific region increased significantly in the quarter, as companies resumed expansion plans and...
Analysts have said Grade B and C offices need to offer more attractive features like new facilities, or risk falling occupancy levels. Already, there is a growing trend of tenants from the banking sector relocating to Grade A office space or planning to do so. Banks are leading a flight to Grade A office space as the sector rebounds strongly from the financial crisis and prepares for further...
Singapore has held on to its position as the third most expensive office location in the Asia-Pacific region for the second quarter of this year, according to Colliers International's latest Asia Pacific Office Market Overview. Singapore commanded annual gross rents of about US$58 ($77) per square foot (psf) in the second quarter, while Tokyo and Hong Kong took top and second spot with rents of around...