Tag Archives: Office Space

Singapore is no longer one of the top 20 most expensive office locations globally.

A survey by property consultancy Colliers International showed that in June, Singapore’s office space was the 26th most expensive in the world.

That is a steep fall from December last year, when Singapore was number 6.

Colliers said this is because Singapore’s office property market was among the most severely affected by the global financial crisis, with rents dropping 42.3 per cent in the first half of this year.

The only other city in the world which registered a sharper drop in office rents was Riga, in the Eastern European nation of Latvia, where rentals fell 49.6 per cent.

Colliers noted that Singapore has 10 million square feet of office space under construction, and when this supply is made available, it is likely to keep office rents in the doldrums for a while more, despite the improving economic outlook.

Analysts from Jones Lang LaSalle agree, saying that despite increased market activity, the substantial upcoming supply continues to weigh on the market. Continue reading →

The Singapore office property market was one of the most severely hit by the lingering global financial crisis in the first half of the year.

THANKS to a sharp fall in rents, Singapore has fallen right off the ranking of the world’s top 20 most expensive office locations to 26th spot at end June – from the 6th position half a year ago.

According to a global office report released on Tuesday by Colliers International, Singapore has slipped while Hong Kong continues to hold the Number One spot, ahead of major cities like London, Moscow, Tokyo.

The Singapore office property market was one of the most severely hit by the lingering global financial crisis in the first half of the year, the report said.

It registered the second biggest drop of 42.3 per cent in Grade A office rents to US$55.53 psf per annum.

Riga, the capital of the Republic of Latvia, ranked first with a 49.6 per cent in monthly Grade A office rents in the first half of the year, while New Delhi came in third with a 38.6 per cent fall.

Source : Straits Times – 22 Sep 2009