04 Jul '11, 6am

S'pore office rents continue to rise

SINGAPORE : Office rents continued trending upwards in the second quarter, despite a substantial amount of space to be completed this year. Based on a basket of existing buildings tracked by DTZ Research, the average gross rent of offices in Raffles Place rose 5.4 per cent quarter-on-quarter to S$9.80 per square foot per month in Q2. Rents in the Harbourfront and Anson/Tanjong Pagar area increased to S$7.30 per square foot, representing an increase of 4.3 per cent and 6.6 per cent on-quarter respectively. According to DTZ Research, about 3 million square feet of new supply is expected to enter the market this year, including Asia Square Tower 1 and Ocean Financial Centre which were completed in the first half of 2011. The average occupancy of purpose-built office buildings islandwide actually fell 1.55 percentage points quarter-on-quarter to 93.77 per cent as a result of t...

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

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of new office and OTDs!

of new office and OTDs!

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