31 Oct '16, 1am

Prime office rents dipped 2.2% in 3Q

Prime office rents dipped 2.2% in 3Q

On the back of rising vacancy rate and anaemic economic growth, rents of office space fell for the sixth consecutive quarter, by 1.1% q-o-q in 3Q. Median rents for Category 1 office space fell by 2.2% to $9 psf per month under supply pressure, while those for Category 2 office space slipped 1.1% to $5.50 psf per month. URA defines Category 1 office buildings as those located in Downtown Core and Orchard Planning Area. They are relatively modern or recently refurbished and have large floor plates and gross floor area. Other buildings are classified as Category 2 office space. Rental gap between the two categories has narrowed to 64%, compared with 69% in the same period last year. This continues to fuel the flight-to-quality trend in the office market. Major new supply in 3Q came from the completion of Guoco Tower with a GFA of 1.01 million. The office space is understood t...

Full article: http://www.theedgeproperty.com.sg/content/prime-office-re...

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