Market watchers said more office tenants may move from the suburbs back to the city by the second half of next year to take advantage of more competitive rentals. This could help to ease a possible supply glut in office space. About 7.5 million square feet of office space is expected to come on stream by 2011. Analysts said some 84 per cent of that will be in the central area. The large supply and...
Singapore Office
Office occupancy costs fell most sharply in Singapore in the first quarter, followed by midtown New York and Hong Kong's central business district, according to a survey by CBRE Research and Consulting. The firm's semiannual global survey released on Wednesday showed that the average occupancy cost in Singapore dropped 34.4 per cent in the January-March quarter from a year ago. Midtown New York saw its...
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...
Singapore saw the sharpest declines in office rentals in the first quarter amid the global downturn, compared to other Asian markets. A report from real estate consultancy firm CB Richard Ellis (CBRE) said leasing activity remained slow as firms continued to downsize and reduce costs. Singapore saw an 18.6 per cent drop in rents for the first three months of 2009, compared to the previous quarter. This...
Hong How Investments tests the market with a new SoHo development LOCAL developer Hong How Investments is testing the market with the soft launch of 14 units in a SoHo development on Armenian street. It has cut its asking price by 12.5 per cent to $2,100 to $2,200 per square foot (psf) from the $2,400 to $2,500 psf range when the developer was first ready for launch last August. While enquiries have...
Hopes of a quick turnaround in the property market here are fizzling out. Property consultancy DTZ said the probability of a full recovery in the Singapore property market by the end of this year is low. In a research report issued on Wednesday, DTZ predicted there is only a 0.1 per cent chance that the Singapore office rental market will recover by year-end. The residential market here is not faring...
Singapore will see a glut of hotel and office spaces when projects at the Marina Bay Downtown come on stream in the months ahead, but developers say they are not worried. Not only is the Marina Bay Sands Integrated Resort on track for completion, the Double Helix Bridge - which links visitors from the Bayfront to Marina Centre - will also be ready by year-end. Across the waters at the Fullerton heritage...
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...
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...