27 Oct '11, 3am

Singapore office rents may drop by 15% over the next year if global economic uncertainty persists: Report

Singapore office rents may drop by 15% over the next year if global economic uncertainty persists: Report

More than 10 million sq ft of new office space are expected to come on stream over the next four years. -- ST PHOTO: ALPHONSUS CHERN By Cheryl Lim Office rents could fall by up to 15 per cent over the next year if the global economic uncertainty persists, according to a new report. Knight Frank analysts said the dramatic correction is possible if the debt crisis slows Singapore's economic growth. The economic gloom coupled with the influx of more than 10 million sq ft of new office space over the next four years could create a dangerous situation in the market, said Mr Png Poh Soon, Knight Frank's head of consultancy and research. 'Historically when a crisis of a certain magnitude happens, we do expect to see a fall of this scale,' said Mr Png. 'But based on past trends in the office rental market, while the rents may fall quickly, the recovery is equally quick as well.' P...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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