Home News Featured News Prime Office Rents decline by 7% in the first six months of...

Prime Office Rents decline by 7% in the first six months of 2016

- Advertisement -

By: Kheng-Liang Tan

According to a index compiled by Knight Frank covering 23 cities, Prime Office rental in Singapore fell by 7% in the first six months of the year to US755 per square meter.

Will Beardmore-Gray, head of Knight Frank’s tenant representation and agency business, said that this was as a result of a “classic imbalance.. [caused by] a poor-performing economy and over development.”

Another report by CBRE showed that the rental for Grade A office space now stood at SGD9.50 per square feet per month, consistent with the figure presented by Knight Frank. This rate is after a cumulative decline by 17% over the past five quarters.

- Advertisement 1-

At the same time, vacancy rates rose to about 9% in the second quarter, suggesting that there may be further decline. An article in the Singapore Business Review predicts this decline to last for another 12-13 quarters.

Separately, the URA anounced earlier this month its first sale of land since 2007. The 1.1ha plot at Central Boulevard is expected to fetch as much as $1.8 billion.

 Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Read More

Johor crown prince tests positive for Covid-19, recovers, and confirms ‘the tiger is back’

Johor Bahru - Tunku Ismail Sultan Ibrahim, Johor’s Crown Prince, announced on social media that he had tested positive for Covid-19 and had recovered from the infection. Through a series of Instagram stories on Friday (Oct 22), Mr Tunku Ismail...

Jerry Yan apparently asks for SGD 4.2 million per television series

Taipei -- Since his participation in the hit Chinese reality competition Call Me By Fire, Taiwanese actor Jerry Yan's stock has drastically risen. Despite the fact that...

We can’t lockdown or simply let go and let things rip: PM Lee on Covid-19 situation

Singapore – “We can neither lockdown indefinitely and stand still, nor can we simply let go and let things rip,” said Prime Minister Lee...

Roadblock of a different kind – duo spotted chilling on road

Singapore – Two men were spotted chilling on a blanket along a Park Connector Network (PCN) on the road designated for walking. “Roadblock of a...

Kimberly Chia tied the knot and is expecting a baby

Singapore -- On the evening of Oct 22, homegrown actress Kimberly Chia sprang a surprise when she went on an Instagram Live session to...
- Advertisement -
Follow us on Social Media

Send in your scoops to news@theindependent.sg