Monday, October 02, 2006

[RealEdge] CNA : Singapore office rents post highest increase in decade

Singapore News
 
 

Singapore office rents post highest increase in decade
Posted: 02 October 2006 1525 hrs

 
 
   
 

SINGAPORE : Singapore office rents have posted their highest quarterly increase in more than a decade, Jones Lang LaSalle said Monday.

Average rents of Prime Grade A office space in the 2,000-5,000 square foot (180-450 square metre) category rose 13 percent quarter-on-quarter, the real estate money management and services firm said.

It was the highest quarterly rise since the fourth quarter of 1994 and reflected a year-on-year increase of 45.8 percent, it said.

"Year-to-date growth as at 3Q06 doubles that for the whole of 2005 and is only slightly off 2000 levels," Jones Lang LaSalle said. "Current Prime Grade A rents are only 4.3 percent off the 2001 peak but still some 25 percent off the 1996 peak."

The rental increase comes amid tightening supply and strong expansion in the financial and business sector, it said.

"Excellent infrastructure, relatively low occupation costs and proximity to the emerging Asian markets and their regional clients are the main draws of locating in Singapore," the firm said.

While Singapore rents are rising, they are still very competitive compared with other major cities, it said. - AFP/ch

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// posted by Shajahan @ 10:40 PM


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