05 May '16, 4am

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Tenant demand for commercial space fell at its fastest pace since the global financial crisis in 2009, as Singapore's economic growth continues to slow, said the Royal Institution of Chartered Surveyors (RICS) on Tuesday. The sharp decline in occupier demand has taken its toll on investment activity as foreign buyers increasingly look beyond Singapore for better returns, said RICS in a survey report released on Tuesday (May 3). According to its first quarter Global Cities Commercial Property Monitor, chartered surveyors anticipate a further drop in capital values and rents over the coming year against the weak economic outlook. Demand from occupiers fell sharply last quarter across all sectors including retail, industrial and office, even as available space continued to rise. "The increase slack in the market led landlords to increase rent-free periods on offer to tenants,...

Full article: http://www.srx.com.sg/singapore-property-news/18402/comme...

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