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
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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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