But it continues to improve on competitiveness SINGAPORE has risen two notches on the latest bi-annual list of the world's most expensive office locations. But Singapore's competitiveness - in terms of office occupancy costs - continued to improve, as the gap between rents here and in other major financial centres widened, the report by Colliers International found. Colliers' second-half 2009 global...
Office Space
Singapore's cheaper office rents compared to those in other key financial centres are making the city-state the choice location for business start-ups. Consultants Colliers International found that in the second half of last year, the annual average gross rent of an office in Singapore was about US$53.71 or S$76 per square foot. Singapore's closest competitor, Hong Kong, was priced at US$161.14 or S$225...
The Singapore office market stabilised in the first quarter of this year. Overall rentals dipped only 1.5 to two per cent compared with the previous three months. Analysts said they expect rents in the central business district to fall further, as office tenants choose higher quality space. Market watchers also believe that demand will not keep pace with new supply coming on stream. Marina Bay...
Singapore's industrial and office property markets are showing signs of improvement. Property consultancy DTZ Research on Wednesday said that islandwide office occupancy improved in the first quarter of this year. The average islandwide office occupancy rate rose 0.7 percentage-point on-quarter to 92.4 per cent. DTZ said the improvement in occupancy rate was due to an increase in demand. There was also...
Rents seen staying soft because of the substantial supply pipeline Office rents contracted for a sixth straight quarter in the first three months of this year - but the decline was marginal and rents appear to have stabilised on the back of positive occupier demand and the brighter economic outlook. According to CBRE Research, prime office rents eased 0.7 per cent to $6.70 per square foot per month (psf...
Singapore set to emerge as premier gateway city in region, say JUNE CHUA and CHRISTINE SUN ONE year into the global financial crisis that almost brought all major economies to their knees, Asia staged an impressive rebound at the end of 2009 with an ensemble of massive government stimulus packages. Despite lingering doubts about the debt-laden European economies, Asia is expected to continue its strong...
The Singapore office property market appears to be bottoming out and the trend of falling rents is stabilising, according to data from consultants Jones Lang Lasalle. This is even though its preliminary estimate of average Prime Grade A gross effective rent in the central business district declined marginally by 0.6 per cent on quarter to S$7.75 per square foot per month in the first quarter. Office...
THE tender for a transitional office site in Mohamed Sultan Road closed yesterday with a top bid almost four times greater than an offer received in 2008 when the property failed to sell. Boutique development firm Link (THM) Holdings bid $17.19 million, or $172.37 per sq ft (psf) of gross floor area. That was nearly 30 per cent above the second highest bid of $13.29 million, or $133.26 psf of gross floor...
THE Urban Redevelopment Authority (URA) yesterday received surprisingly high bids for a transitional office site at Mohamed Sultan Road. The 15-year leasehold plot attracted three bids. The highest was $17.19 million, or $172 per sq ft per plot ratio (psf ppr), from a boutique property developer and sports fashion retailer Link (THM) Holdings Pte Ltd. Yesterday's top bid was eye-catching on several...
About half a million square feet of office space in the core business district and fringe areas could become available when government bodies move out of Singapore's city centre by 2015. Experts said that with occupancy in the CBD bouncing back after the downturn, the space will be sorely needed. Government agencies such as the Ministry of National Development will be moving out of their premises in the...