New Savills managing director forecasts 'AAA' office rental growth to hit 10% this year

Singapore

BELLS are ringing for landlords amid a shortage in supply in the core CBD area and increased demand from various industry groups, Savills Singapore's new managing director Marcus Loo told The Business Times yesterday.

He added that the global real estate service provider, which is listed in the London stock exchange, forecasts rental growth for 'AAA' grade office buildings to more than double to 10 per cent this year.

Mr Loo will succeed Chris Marriott, who will now focus on his role as the chief executive of Savills South-east Asia, with immediate effect. Mr Loo wa…