28 Dec '11, 4am

[ST] Office rents in the CBD steady despite lower occupancy

[ST] Office rents in the CBD steady despite lower occupancy

Office rents in Raffles Place held steady in the fourth quarter of 2011 despite a fall in occupancy rate, according to research by DTZ. -- PHOTO: BT Office rents in Raffles Place held steady in the fourth quarter of 2011 despite a fall in occupancy rate, according to research by DTZ. Average occupancy rates in Raffles Place slid 7.6 percentage points in 2011 compared to the previous year, to 89.1 per cent due to substantial new supply as well as an outflow of demand to Marina Bay, DTZ said on Wednesday. Despite this, the average prime office rent in Raffles Place held firm at $9.80 per sq ft per month in the fourth quarter. For the whole of 2011, the average prime rent in the area rose at a slower pace of 8.9 per cent compared to the 13.9 per cent the previous year. Prime rents increased by 3.3 per cent quarter-on-quarter (QOQ) in first quarter of 2011 and 5.4 per cent QOQ...

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

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BLOG : Year-End gathering in the office

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