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Singapore top-grade office rents return to highest levels in over 2 years

Published on Mar 19, 2014 2:39 PM
The Singapore Central Business District (CBD) skyline in the evening on Jan 27, 2014. -- ST FILE PHOTO: DESMOND WEE

Office rents in Singapore's central business district (CBD) rose in the first quarter of this year to their highest levels in more than two years, according to a report by property consultancy Colliers International on Wednesday.

The firm said the improvement was due to faster-than-expected economic recoveries in the United States and Europe, which led to more demand for office leasing.

Companies are gearing up for growth and are also more actively reviewing their expansion and relocation options in order to lock in rents, Colliers added.

Average monthly gross rents for premium and Grade A office space in the CBD grew 3.2 per cent in January through March this year from the preceding three months. Premium office space, which includes buildings such as Asia Square and Marina Bay Financial Centre, is the best available and is a rung above Grade A.

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