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Continuing decline in office and retail rents in Q3: Colliers

Oversupply and soft demand put pressure on office sector, while retail landlords see slower leasing and more shorter-tenure leases

Published Mon, Oct 24, 2016 · 09:50 PM

Colliers

Singapore

OVERALL office rentals across Singapore continued to slide under the pressure of oversupply and lacklustre demand, while in the retail scene, leasing activity slowed and the decline in retail rentals quickened in the third quarter of this year.

This was according to two separate reports by Colliers on Monday, setting the tone for possibly sombre official data to be released by the Urban Redevelopment Authority (URA) this Friday.

According to Colliers, rents in the Raffles Place/New Downtown area fell more sharply than before, in the third quarter compared to Q2. Monthly gross rents in the premium and Grade A office buildings fell 1.7 per cent and 1.5 per cent respectively, compared to th…