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...
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CAPITACOMMERCIAL Trust (CCT) has scrapped plans to redevelop the Market Street car park into a grade A office building, which could have cost up to $1.5 billion. "The manager, after taking into consideration the uncertain market outlook, tight credit conditions, high redevelopment cost and significant size of the project, has decided to abort the project immediately," the Singapore-listed real estate...
CapitaCommercial Trust (CCT) has decided not to redevelop the Market Street Car Park into a commercial building. The redevelopment is estimated to cost up to S$1.5 billion. CCT said the decision was based on the uncertain market outlook and conditions like tight credit and high redevelopment costs. CapitaCommerical Trust Management CEO, Lynette Leong, said: "In line with our prudent approach to capital...
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...
Occupancy costs in Middle East the fastest growing THIS is one ranking that Singapore would be happy not to climb: Cities with the fastest-growing rentals. According to a semi-annual survey of office markets worldwide, Singapore now ranks 13th in terms of posting the fastest-rising rents among 172 markets, slipping from No 3 position six months ago. Here, occupancy costs - which include expenses for...
CAUGHT in between a sluggish economy and sticky office rents, many business owners are feeling squeezed. Many are trying to cut costs while looking for new opportunities. But Regus Group's country general manager (South-east Asia) William Willems has little doubt that serviced offices - like the ones his firm officially launched last week at One Fullerton - are the answer. Mr Willems told Today: "Now is...
The Urban Redevelopment Authority rejected the only bid for a transitional office site at Mohamed Sultan Road. The offer price of about S$4.65 million for the site, or about S$502 per square metre of gross floor area, was considered too low. The approximately 6,000 square metre land parcel was offered for sale on a 15-year lease. Transitional office sites were released in response to the shortage of...
The 99-year leasehold Parkway Centre has been put up for collective sale. The commercial property, which is located in the Marine Parade town centre, can be redeveloped into an office-cum-retail development, with a gross floor area of up to 157,625 square feet. The building is located opposite Parkway Parade and near Roxy Square. It is surrounded by residential projects like Parc Seabreeze, Silversea and...
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...