SINGAPORE - Prime office rents are expected to rise this year thanks to improving economic sentiments, Cushman & Wakefield has said in its latest report.
The leasing market was active in the first quarter of this year with the number of enquiries in the market at a generally healthy level, the real estate firm said.
With the limited supply of prime grade A office space in the market, the average grade A overall rent was marginally higher at $9.90 per square foot per month (psf/mo) in the first quarter of 2014, up by 5.5 per cent from the previous quarter. Compared to the same quarter a year ago, the average grade A effective monthly rent was up by a firm 10.1 per cent.
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