But most are conservative about the strength of space absorption for the rest of 2009
Some property consultants reckon the worst is over for falling office rents. And one even expects net take-up of space to turn positive by the fourth quarter of this year if the economy does reasonably well.
Cushman & Wakefield’s mid-Q3 analyses show the decline in prime office rents has slowed. For instance, Raffles Place Grade A office rents fell 18 per cent from $10.61 in Q1 to $8.70 in Q2. But since then, they have dipped just 2.9 per cent to $8.45.
The same trend is showing up for prime office rents in the Shenton area. They have dropped 5.8 per cent from Q2 to $6.32 – a smaller decline compared with the 17.9 per cent drop from $8.17 in Q1 to $6.71 in Q2.
The prime office vacancy rate at mid-Q3 is 6.1 per cent, up 0.4 of a percentage point from Q2. Continue reading
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