Office rents rise in Q2: consultants
Office rents continued to climb in the second quarter. In a report yesterday, DTZ said that the average gross rent of offices in Raffles Place rose 5.4 per cent over the quarter to $9.80 psf (psf) per month in Q2. Office rents in the HarbourFront area rose 4.3 per cent in the same period to $7.30 psf per month.
DTZ noted that asking rents in existing buildings continued to rise as landlords benchmarked their rents against higher rents in new or uncompleted developments. Most office buildings are also enjoying healthy occupancy levels.
In a separate report, CB Richard Ellis (CBRE) said that Grade A office rents averaged $10.60 psf per month in Q2, up 2.9 per cent over the quarter. Prime office rents increased by 2.3 per cent to $8.80 psf per month.
CBRE is optimistic about demand for office space with Singapore's economy expected to grow this year and next.
Source : The Business Times, 5 Jul 2011
| Back to Top |