Tag Archives: Singapore Office / Retail

Singapore’s office rents see steepest Q2 drop in Asia Pacific

Posted on 4 Aug 2009 | Comments Off on Singapore’s office rents see steepest Q2 drop in Asia Pacific

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 year.

Colliers expect office rents here to continue to fall over the next 12 months due to excess supply and subdued demand for office space amid the gloomy economy.

However, market watchers are seeing some positive signs from the widening gap between Singapore’s office rents and the more expensive cities in the region. Continue reading →

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Some firms may expand as rents fall and the economy stabilises

Posted on 4 Aug 2009 | Comments Off on Some firms may expand as rents fall and the economy stabilises

A plunge in Grade A office rents has raised Singapore’s competitive edge somewhat. According to Colliers International, office occupancy costs here were the fourth-highest among 26 Asia-Pacific cities in Q2 this year – down a notch from a quarter ago.

As rents stay weak while the economy stabilises, property consultants also expect some companies to take advantage of the situation to expand.

Colliers noted that monthly gross rents for Grade A offices in Singapore’s central business district (CBD) posted the sharpest fall in Q2, compared with other major cities in the region. Rents slid 26.2 per cent quarter-on-quarter, averaging at $6.73 psf per month in Q2.

As a result, Singapore fell from third to fourth place in a ranking of office occupancy costs. Tokyo remained the most expensive place in the Asia-Pacific to rent an office – average Grade A CBD office rents there were 2.2 times that of Singapore’s, up from 1.6 times in Q1. Continue reading →

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