CBD office rents fall for third straight quarter

Singapore

OFFICE rents in Singapore's central business district (CBD) declined 3.9 per cent in the first quarter of the year from the previous quarter - their third straight quarterly drop - as concerns over a global economic slowdown dampened demand for office space.

Office rents fell to S$9.90 per square foot (psf) per month in Q1, according to DTZ Southeast Asia, which expects them to continue falling due to weak demand and substantial office space coming onstream.

The sluggish global economy has affected companies' expansion plans, leading to lower demand for the business services sector (a major office user) and also a contraction of the financial …