Demand for office space in Singapore in the third quarter was supported by companies beyond the financial services sector, with most taking up Grade A office space below 20,000 square feet, said property consultant Colliers International. Firms in sectors such as professional and legal services, insurance, commodities, energy and private equity have helped to moderate the Grade A office rental decline in...
Singapore Office
Strata commercial property such as shops and offices have been extremely popular in the primary market this year and are expected to sustain buyer interest, even in the sub-sale market, as attention is increasingly diverted away from residential and industrial segments. Since the introduction of the seller's stamp duty for private residential purchases in January last year, investors have flocked into...
Raffles Quay Asset Management (RQAM) on Thursday said it has achieved a commitment level of over 70 per cent for its Marina Bay Financial Centre (MBFC) Tower 3. In a statement, RQAM added that it has signed on new tenants, including Mead Johnson, Berge Bulk, Clifford Capital and Clyde & Co. These new tenants, from industries such as shipping, financial investment, legal, and paediatric nutrition will...
CapitaLand said Tuesday that the group will relocate to Westgate Tower in Jurong progressively from early 2015. The group will occupy about 160,000 square feet across 11 floors of the new 20-storey prime office tower. It will also maintain a city office at Capital Tower as a flexible workspace to liaise with clients or business partners, it said. The group, which includes CapitaMalls Asia, CapitaMall...
Singapore office rents are extending their slide as global economic uncertainty forces landlords to drop prices. Colliers International said the average monthly gross rents for central business district (CBD) Grade A space fell by 1.1 per cent quarter-on-quarter to S$8.45 per square foot in the three months ended June 2012. This follows a 4.3 per cent on-quarter drop in Q1. The price decline appears to...
Developer Overseas Union Enterprise (OUE) is set to invest in excess of S$140 million on two retail mall projects in the central business district. Among the plans, OUE will be developing a five-storey retail mall at the existing DBS Building at Shenton Way, according to a source close to the matter. Built in 1975, DBS Building at Shenton Way will soon be home to a new shopping mall, spanning some...
Renting prime office spaces in the Central Business District (CBD) has been getting cheaper since the third quarter of 2011. However, landlords need not fret any further. Experts said the Grade A office market will soon reach its bottom by the end of 2012. Without new office space in the CBD being injected in the second quarter of 2012, landlords have much to cheer. Analysts said this will stem the...
700 Beach Road has been put up for sale. The property comprises 67,429 square feet of strata area and is currently fully occupied. According to its marketing agent Jones Lang LaSalle, the office building in the Central Business District has an indicative price of S$120 million for 100 percent strata interest in the property. Jones Lang LaSalle says the property sits on a commercial zoned site of 18,400...
Singapore's office vacancy rates are expected to rise further across all grades and micro markets, with a peak expected in 2013, according to property consultant CB Richard Ellis (CBRE). Island-wide vacancy in Singapore increased to 7.3 per cent in Q1 2012. Vacant stock island-wide totalled 3.8 million sf. In Core CBD, the vacancy rate grew to 9.30 per cent from 8.80 per cent in Q4 2011. Going forward,...
Rents of grade A office space has increased in 13 markets in Asia Pacific in the first quarter of 2012, according to Jones Lang LaSalle in its just-released Q1 Asia Pacific Office Index Report. The Index monitors grade A net effective rents in 27 key markets in Asia Pacific. It also highlighted that rents of grade A office space remained static in 3 markets and declined in 11 markets. Aggregate rental...