Office occupancies and rentals in Singapore fell sharply in the first quarter of 2009, according to latest figures from property consultancy DTZ. DTZ said the data showed that companies continued to consolidate space and put expansion plans on hold in the wake of the global financial crisis. According to DTZ, office rents slid 18 per cent on average island-wide. This was the steepest decline since the...
Office Space
Office rentals in Singapore suffered their sharpest quarterly drop since 2000 in the final three months of last year. A research report from property consultancy CB Richard Ellis (CBRE) said Grade A office rents fell 20 per cent on-quarter in the fourth quarter of last year, to an average of S$15 per square foot. Average office rents stood at some S$13 per square foot, down 14 per cent from a year...
Analysts expect more 'shadow space' ahead Even as office rentals are tumbling fast, more space is lying idle at vacancy levels approaching those seen just before the recent boom years. As at the end of last month, the island-wide vacancy rate ofoffice space stood at 8.8 per cent,up from the third quarter's rate of8.2 per cent, according to data released last week by the Urban Redevelopment Authority...
A 30-per-cent fall in rental market expected this year TENANTS for office space are beginning to enjoy more bargaining power as increased supply for such commercial property and a weakening economy drive rents lower. This is good news for business owners such as Mr Hu Yinghan. Mr Hu, who runs an events company Apesnap in Chinatown, will be asking for much lower rent when his lease runs out at the end of...
Office occupancy in Singapore is down in the last quarter of 2008 due to deteriorating global financial situation. According to real estate adviser DTZ Research, office occupancy islandwide dropped by two percentage points to 95.6 per cent, compared to the same period last year. This is because of weaker demand as companies shelved expansion plans or relocated to more cost-effective premises. DTZ said...
EVEN with the manufacturing part of the economy facing difficulties, demand for industrial space - particularly in business parks - is apparently still healthy, according to experts from the property firm DTZ. By contrast, the market for office space is softening, the firm says. Executive director Ms Chua Wei Lin said: “Demand for private industrial properties - in particular, hi-tech and business park...
Demand for high-end units eases, agents say rents likely to fall WITH banks around the world falling like nine pins, it’s not surprising that demand for top-quality Singapore office space is easing off. The estate agents are agreed: Rents have already peaked, and occupancy levels are falling - with rents likely to follow. According to a report by property firm CB Richard Ellis yesterday, Grade A rents...
A 38-storey office tower will be built beside OUB Centre, adding some 350,000 square feet of Grade A office space to Singapore's business district. Despite growing expectations of falling demand for office space and a slump in office rents, the project's marketing agent is already talking to interested parties. The S$540 million project is scheduled to be completed in 2011 and is already seeing healthy...
DESPITE the current United States credit crunch, the third-largest Swiss private banking group EFG Bank, is expanding here and will be taking up seven floors out of the new nine-storey "boutique" office block opposite the Parliament House. EFG will be the first private bank to occupy the bulk of a building, and this gives it naming rights for the 78,000-square-foot freehold building. Said EFG Bank's...
The collapse of Lehman Brothers is set to hit Asian office rental rates. Banks are traditionally the largest users of Grade A office space in the region, and they are likely to cut back on expansion plans and even consolidate current operations in the year ahead. In the region's major office markets, Tokyo's prime rentals are leading the decline. Others are expected to follow suit over the next 12 to 18...