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Subscribe to this list via RSS Blog posts tagged in Office Rental Index

Aon nears 70,000 sq ft lease at SGX Centre

Posted by Property Launch Invest on Thursday, 12 June 2014 in Property News

The buzz in the Singapore office leasing market continues, with a string of deals either sealed or in advanced stages of negotiations.

Vodafone has leased a 30,000 square foot floor at Asia Square Tower 2. Jardine Lloyd Thompson is said to be nearing an agreement to lease 40,000 sq ft at CapitaGreen, which will be completed on the former Market Street Car Park site by year-end.

At SGX Centre 1 along Shenton Way, insurance broker Willis (Singapore) has signed a lease for 20,000 sq ft, while discussions are in an advanced stage for Aon to occupy about 70,000 sq ft, BT understands.

Despite the wave of office leasing activity, industry observers caution landlords against getting carried away in jacking up asking rents, as not all occupiers are on the expansion trail.

Turning point for office market

Posted by Property Launch Invest on Saturday, 10 May 2014 in Property News

AMONG the major sectors of the local property market, the office sector had been seen as a pariah. The post-Lehman crisis redrew the financial landscape where deleveraging was the buzzword. Financial institutions were in no mood to expand, cost cuttings were deep and on top of that, the crisis triggered a series of flare-ups in the eurozone. As the supply of Grade A office buildings in the CBD increased with the completion of the new buildings in the Marina Bay area, vacancy levels started to rise. Consequently, by the law of demand and supply, rents began to decline, and had been doing so continuously since the second quarter of 2011.

The appetite for micro-strata units from small-time investors driven out of the residential market has maintained, if not, increased the rate per square foot paid for commercial property. This, in addition to a low interest rate environment has squeezed yields as capital values remained high, leading transaction volumes to decline as institutional buyers found it difficult to justify a purchase based on initial rental returns.

S'pore prime office rents rise 19% in 2013

Posted by Property Launch Invest on Wednesday, 26 March 2014 in Property News

They are still less expensive compared to other major financial centres

[SINGAPORE] Despite rents in Singapore's central business district (CBD) surging 19.29 per cent last year, bucking the trend of largely flat rental growth across Asia, office space remains considerably more affordable compared to other major financial centres.

At 803 euros (S$1,389) per square metre (psm) per year, the Republic's occupancy cost was sharply lower than London's West End (2,122 euros); Hong Kong's Central district (1,432 euros); Tokyo's CBD (1,003 euros); and New York's Madison and 5th Avenue (993 euros).

Office landlords can't bank on finance sector

Posted by Property Launch Invest on Monday, 23 December 2013 in Property News

SINGAPORE'S office landlords, long dependent on banks, are broadening their tenant base to soak up empty space as the commercial property market inches towards recovery after a three-year slump in rents.

Rents in the best buildings may start to rise this year, according to brokers CBRE Group and Cushman & Wakefield.

Office rents and vacancy rates improving: C&W

Posted by Property Launch Invest on Monday, 23 December 2013 in Property News

[SINGAPORE] Led by Marina Bay, the office market is starting to see rents and vacancy rates improve, supported by more broad-based leasing demand.

According to Cushman & Wakefield (C&W), Marina Bay saw Grade A vacancies decline 2.0 percentage points to 3.6 per cent from the first quarter, even as rents rose 10.9 per cent on a quarterly basis.

This led to an increase in average Grade A rents by 4.2 per cent to $9.03 per square foot (psf) per month quarter-on-quarter.

URA Q3 data Office leasing market

Posted by Property Launch Invest on Monday, 25 November 2013 in Property News

URA Q3 data confirms pick-up in office leasing market

LATEST figures from Urban Redevelopment Authority confirm the views of some industry players that the office leasing market has emerged out of a downturn.

URA's office rental index in the central region rose 0.8 per cent in the third quarter over the preceding quarter. This marked a bigger increase compared with the 0.2 per cent gain registered in Q2.

However, the islandwide office vacancy rate climbed to 9.6 per cent at end-Q3 from 8.8 per cent three months earlier. For private-sector office space, the vacancy rate rose from 9.5 per cent to 10.4 per cent.

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