Redevelopment may head off office market blues
Cushman & Wakefield figures show that the average CBD Grade A office rental value has eased 2.7% since last year
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SINGAPORE office rents are easing amid a drop in demand as businesses go into cash-conservation mode amid a recession, prompting some to downsize their headcount.
However the limited completion of new CBD Grade A offices this year and next should mitigate the rental drop. Another silver lining may turn up in timely fashion - the redevelopment of ageing office blocks in the central business district (CBD), spurred by an incentive scheme unveiled by the Urban Redevelopment Authority last year to rejuvenate the old CBD.
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