13 Jul '11, 4pm

Singapore prime office rents stay stable

SINGAPORE : Property consultant Colliers International has released research reports covering industrial, investment sales, office and the retail space in Singapore for the second quarter of the year. In the office space sector, Colliers said competition for tenants kept the rental growth of Grade A office space within the single-digit territory. In the Raffles Place and New Downtown micro-market, monthly gross rents of Grade A office grew by 7 per cent on quarter to reach $10.40 per square foot. This is a little slower than the 8 per cent gain recorded for the first quarter. The overall average occupancy rate for Grade A office space in the Central Business District (CBD) also continued to dip to 93.5 per cent in 2Q 2011, following its first correction in six quarters in 1Q 2011 when it slipped 0.1 percentage point to 94.2 per cent. Meanwhile, in the industrial property m...

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

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