A FLIGHT-TO-QUALITY among office occupiers is weighing down on rents and occupancies at older Grade A office buildings, where more space will be freed up as these tenants move into new prime offices. This is giving rise to a "two-tiered performance" in the prime office market, with Grade A offices seeing steeper declines in rents than the so-called "Grade A-plus" offices in the coming quarters. Average...
Singapore Office Rental
Singapore landlords are paying the penalty for a slowing economy. Alone among the world's major cities, the cost of renting an office with panoramic views is falling as supply outstrips demand. Annual rents on the upper floors of Singapore's skyscrapers fell 7 per cent to about US$775 a square metre in the first six months, according to a 23-city index compiled by Knight Frank LLP. The biggest...
Office rents in Singapore's CBD fell by 3.9 per cent in the first quarter of this year from the previous quarter - their third straight quarterly decline - as concerns over a global economic slowdown dampened demand for office space. according to DTZ Southeast Asia, office rents fell to S$9.90 per square foot (psf) per month in Q1 2016, which is expecting them to continue dropping due to weak demand and...
The slide in office rental rates across the region has slowed, and analysts said this is a good sign the market has stabilised. A year ago, office space rental in Singapore's central business district could come up to as much as S$19 per square foot a month. Today, that rate has fallen by almost half. Singapore, which is home to Asian headquarters of a number of foreign companies, has seen rents fall...
Office rents in Singapore fell 26.2 per cent in the second quarter, according to latest figures from real estate consultancy firm Colliers International. This was the steepest decline quarter-on-quarter among Asia-Pacific cities. Singapore is the fourth most expensive office location after Tokyo, Hong Kong and Ho Chi Minh City for Grade A offices – one spot down from the first quarter this...
Singapore's property market is among the worst-performing in Asia for the first quarter of this year. A report by property consultant CB Richard Ellis (CBRE) found that Singapore's prime office rents recorded the region's worst contraction. Compared with the first quarter of 2008, prime office rents in Singapore fell by 34 per cent, followed by Hong Kong which was down by 32 per cent. In terms of retail...
The cost of prime office space in Singapore is expected to halve by the end of the year, to hit almost five-year lows. It fell sharply by 25 per cent to about S$9.20 per square foot per month in the first quarter this year, compared to the previous quarter. Analysts expect a similar fall in the second quarter, before a moderation in the second half of the year. 2.4 million square feet of office space...
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...
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...