Office rents inched up 0.6% in Q2

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Grade A rent was S$921 per square meter per year, i.e. S$7 per square fee per month. It is lower than S$9-10 expected, probably net off other rebate(s) since the rent given was on net effective basis...

Office rents inched up 0.6% in Q2

SINGAPORE — Office rental rates in Singapore are showing signs of recovery after continued declines in the past year, as companies move to secure additional space because of improving local and global economic outlook.

Tier 1 office rents inched up 0.6 per cent quarter-on-quarter in the three months ended June 30, the first increase since the third quarter of 2011, property consultancy Jones Lang LaSalle said in its Asia-Pacific Office Index report released yesterday. The average Grade A rent at Raffles Place for the quarter was US$720 (S$921) per square metre per year on a net effective basis, it said.

“The increase signals greater confidence in the market. A full recovery is not quite there yet, but it has picked up a little,” said Mr Chris Archibold, Head of Markets for Singapore at Jones Lang LaSalle.

He noted that vacancy rates had dropped to an average of 6 per cent last quarter, compared with 8 per cent previously, driven by more demand from non-financial companies.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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