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Downtown Grade A office rent falls 0.9% in fourth quarter: Savills

Published on Dec 28, 2012 7:05 PM
 
File photo of the Singapore Central Business District (CBD) and Marina Bay surrounds, showing the Suntec City complex (centre). Average rents of Grade A offices in the central business district (CBD) declined a modest 0.9 per cent in the fourth quarter, propped up by steady demand amid limited supply, said Savills. -- ST PHOTO:  ALPHONSUS CHERN

AVERAGE rents of Grade A offices in the central business district (CBD) declined a modest 0.9 per cent in the fourth quarter, propped up by steady demand amid limited supply, said Savills.

The property consultant noted in a report today that the creme de la creme office space, also known as Grade AAA, in the Marina Bay precinct once again showed the highest quarterly drop of 3.4 per cent to $10 per square foot (psf) per month.

This takes the fall for top grade office space in Marina Bay to 14.9 per cent for the whole year.

On the other hand, other Grade A building rents softened by 3.3 per cent year-on-year on the back of healthy occupancy rates.

 
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