15 Dec '11, 8am

S'pore's office property market cools in 2011

S'pore's office property market cools in 2011

SINGAPORE: Singapore's office property market cooled in 2011, weighed down by concerns over the anemic growth in the US and the eurozone debt crisis. Analysts said vacancies are likely to rise next year as a result of economic slowdown and weaker business. There may also be some downward pressure on rentals. Several financial institutions have moved to bigger and shinier offices this year. Standard Chartered Bank, for instance leased over 500,000 square feet of space at the new downtown Marina Bay Financial Centre. But experts said transactions for big-scale relocations by large companies have practically dried up for most part of 2011. Mr Chris Archibold, international director, head of markets, at Jones Lang LaSalle, said: "2010 saw 10 transactions of over 100,000 square feet in the CBD, whereas 2011 has only seen one. That said, there have been another five major transa...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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