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Prime office rents in Singapore up 5.5% in Q1

Published on Apr 7, 2014 6:33 PM
 
Offices in the Raffles Place area saw the highest increases in rents within the central business district in the first quarter this year. -- ST FILE PHOTO: DESMOND WEE

Singapore's office market saw firm demand in the first quarter this year, as a dearth of fresh supply and healthy demand boosted landlords' asking rentals.

The average rent for Grade A office space in the first three months this year came in at $9.90 per square foot (psf) per month, up 5.5 per cent from the previous quarter, said property consultancy Cushman & Wakefield in a report released on Monday.

This was the fourth straight quarterly increase, as Singapore's growing economy leads firms to expand and seek more office space.

Offices in the Raffles Place area saw the highest increases in rents within the central business district in the first quarter this year.

 
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