The first phase of Marina Bay Financial Centre is now 67 per cent pre-leased ahead of its completion in the second quarter of next year. This phase includes Tower Two and the fully pre-leased Tower One. The latest tenant at the location is Servcorp, a serviced and virtual office provider. In a statement, Raffles Quay Asset management said Servcorp's seven-year lease will start next year. Servcorp will...
Singapore Office
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...
Address: 865 Mountbatten Road Singapore 437844 Location: In the East Coast vicinity, in the prime residential estate of Katong. Easily accessible via ECP, about 10 minutes drive to city via ECP and public transport Description: 7-storey building with 4 levels of retail space Neat and clean office lift lobby Upgraded common corridors Please contact leasing officer at [email protected] or +65 9273 4834...
Address: 1 Magazine Road Singapore 059567 Location: Located by the historic Singapore River and near the financial hub of Raffles Place and Shenton Way. Easily accessible via CTE Nearest MRT Station: Clarke Quay / Chinatown MRT Station Description: Central Mall is a 7-storey office building with ground floor retail units. Within the development are 2 and 3 storey conservation warehouses for retail,...
LOWER occupancy rates and cheaper rents in office buildings around the central business district (CBD) may prompt some firms to move back into the city, property experts said. In the second quarter, office rentals declined to less than $10 per square foot (psf) per month compared with a whopping $19 psf a month a year ago. "Companies are beginning to re-look opportunities to go back to the CBD as rents...
Property consultancy firm CB Richard Ellis (CBRE) has said the fall in office rents is showing signs of easing, thanks to improved sentiment and stabilisation of Singapore's economy. According to CBRE, monthly prime office rents averaged S$8.60 per square foot in the second quarter, representing an 18.2 per cent fall quarter-on-quarter. This was slightly lower than the 18.6 per cent quarter-on-quarter...
Property consultancy DTZ said office and industrial rents here continued their downward trend in the second quarter this year. For the office market, average monthly gross rents of prime offices in Raffles Place fell by 19 per cent to S$9.70 per square foot, compared to a 25 per cent fall in the previous quarter. Office rents in the Central Business District (CBD) fringe and de-centralised areas suffered...
Singapore's Prime Grade A office market has seen three straight quarters of rental contractions but Jones Lang LaSalle says that pullback is easing. The property consultancy said rentals fell 11 per cent in the second quarter, compared to 28 per cent in the first quarter. Jones Lang said landlords have been taking a defensive strategy of securing occupants for their office space at the expense of...
Property consultancy Colliers said the amount of shadow space in Singapore has increased by almost half in a short span of two months. In a research report, the firm said the shadow space increased by 48 per cent from an estimated 250,000 square feet in March this year to 370,000 square feet in May. The amount of shadow space or excess office space that companies have leased but are looking to sublet is...