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PR Newswire
05-01-2015, 03:15 PM
The status of office rental for 2014, and outlook for 2015...
Singapore office rent set to post biggest gain in four years
SINGAPORE — Singapore’s prime office rents are set to post their biggest increase in at least four years in 2014, and may extend gains this year in a supply-constrained market.
The office rent index for prime areas rose 8.7 per cent in the first nine months of last year, heading for its largest gain since 2010, when it was up 12 per cent, according to data from the Urban Redevelopment Authority (URA).
A limited supply of new prime office space over the past two years, compared with demand from companies seeking central office locations, may push last year’s rental increase as high as 14 per cent, according to real estate broker Savills. The same restricted supply will probably prevail this year and next, even if demand cools a little as the economy slows.
“Going into 2015, demand would almost match supply for prime office space, making the office market fundamentally sound,” said Mr Alan Cheong, a Singapore-based director at Savills. He said landlords are in a strong position to resist demands for lower rents due to the limited amount of new space available this year and next.
About 1.15 million square feet of new office space will come on stream this year, compared with 1.87 million square feet last year, said Ms Alice Tan, the director of consultancy and research at real estate brokers Knight Frank. Marina Bay Financial Centre, which held its grand opening in May 2013, has about 3 million square feet of office space in three towers.
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http://www.todayonline.com/singapore/sin...four-years
Singapore office rent set to post biggest gain in four years
SINGAPORE — Singapore’s prime office rents are set to post their biggest increase in at least four years in 2014, and may extend gains this year in a supply-constrained market.
The office rent index for prime areas rose 8.7 per cent in the first nine months of last year, heading for its largest gain since 2010, when it was up 12 per cent, according to data from the Urban Redevelopment Authority (URA).
A limited supply of new prime office space over the past two years, compared with demand from companies seeking central office locations, may push last year’s rental increase as high as 14 per cent, according to real estate broker Savills. The same restricted supply will probably prevail this year and next, even if demand cools a little as the economy slows.
“Going into 2015, demand would almost match supply for prime office space, making the office market fundamentally sound,” said Mr Alan Cheong, a Singapore-based director at Savills. He said landlords are in a strong position to resist demands for lower rents due to the limited amount of new space available this year and next.
About 1.15 million square feet of new office space will come on stream this year, compared with 1.87 million square feet last year, said Ms Alice Tan, the director of consultancy and research at real estate brokers Knight Frank. Marina Bay Financial Centre, which held its grand opening in May 2013, has about 3 million square feet of office space in three towers.
...
http://www.todayonline.com/singapore/sin...four-years
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