Top grade office rents in Raffles Place, Marina downtown see first rise in two years

Rents of top grade office space in Raffles Place and Marina downtown rose for the first time in seven quarters, said Colliers International's latest quarterly research report.

In the three months to June, average monthly gross rents of premium grade office space, in the Raffles Place and New Downtown area, climbed 2 per cent from the previous quarter, reaching $9.60 per sq ft (psf).

This is the first time office rents in these areas have risen, since the market saw a downturn in 2011's fourth quarter.

Mr Marcus Loo, executive director of office services at Colliers International, said: "Office buildings located in the Raffles Place, New Downtown micro-market have continued to draw interest from tenants, as the locality progressively develops to become the new financial centre of Singapore, with both the road and public transport infrastructure taking shape."