What's New In Property

Tight supply keeps office and prime retail rental steady

Demand for office space continued to be anchored by co-working and technology in the third quarter.
Demand for office space continued to be anchored by co-working and technology in the third quarter.ST PHOTO: KUA CHEE SIONG

Market confidence might have been dented due to weaker economic growth and the escalation of the trade war but landlords have been able to hold rents steady due to tight vacancies and limited upcoming supply.

In fact, Grade A Central Business District (CBD) rent increased marginally by 0.4 per cent to $10.65 per square foot per month in the third quarter after remaining flat in the preceding quarter, due partly to landlords of less premium spaces playing catch-up with better quality buildings.

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A version of this article appeared in the print edition of The Sunday Times on October 27, 2019, with the headline 'Tight supply keeps office and prime retail rental steady '. Print Edition | Subscribe