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CBD office rents likely to continue rising this year: consultancy

Published on Jun 23, 2014 5:30 PM
 
Office rents in the central business district (CBD) jumped in the second quarter this year and are likely to continue rising for the next 12 months due to limited supply, property consultancy JLL said. -- PHOTO: ST FILE

SINGAPORE - Office rents in the central business district (CBD) jumped in the second quarter this year and are likely to continue rising for the next 12 months due to limited supply, property consultancy JLL said.

Mr Chris Archibold, head of markets at JLL, told The Straits Times on Monday that the growth in rent was "likely to continue through 2014 and the first half of 2015" on the back of a "broad-based economic recovery", he said.

Average office rents in the CBD expanded 4 per cent in April through June from the preceding three months to $9.96 per sq ft (psf) per month, JLL said in a recent report.

This was a slightly faster rate than the 3.9 per cent increase posted in the first quarter this year from the previous quarter.

 
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