PUBLISHED JUNE 27, 2013 Office rents and vacancy rates improving: C&W #MarinaBay leads with Grade A rents rising 10.9% on a quarterly basis [SINGAPORE] Led by #MarinaBay, the office market is starting to see rents and vacancy rates improve, supported by more broad-based leasing demand. According to Cushman & Wakefield (C&W), Marina Bay saw Grade A vacancies decline 2.0 percentage points to 3.6 per cent from the first quarter, even as rents rose 10.9 per cent on a quarterly basis. This led to an increase in average Grade A rents by 4.2 per cent to $9.03 per square foot (psf) per month quarter-on-quarter. The #ShentonWay submarket saw rents rise by 9.5 per cent to $7.64 psf per month, while rents in #RafflesPlace inched up 0.6 per cent, to $8.82 psf per month. Elsewhere, #Orchard Road rents moved up 4.6 per cent to $8.49 while suburban rents rose 1.3 per cent to $5.64 psf per month.
Posted on: Thu, 27 Jun 2013 08:13:01 +0000
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