Forecasts for CBD office rents clipped
After tepid Q1 growth, property consultants expect rents to stagnate or ease for the rest of 2015; next year could bring downward pressure
Singapore
SENTIMENT in the Singapore office market, hailed as the bright spot of the local property market for the most part of last year, has taken a hit.
Weaker-than-anticipated leasing demand for office space in the Central Business District (CBD) since late last year was mirrored in weak rental growth in the first quarter; with no significant pick-up in demand expected in the near term amid tepid economic growth and some foreign banks tipped to shed office space, several property consultants are clipping their forecasts for CBD Grade A office rent growth this year.
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