Singapore office market improving as supply tapers off: BlackRock

Singapore

BLACKROCK said the worst is over for Singapore's office property market with supply tapering off, and that elsewhere in the Asia-Pacific, the world's largest asset manager is looking to raise its real estate exposure in Japan and Australia.

Prime office rents in Singapore's financial district dropped by more than 10 per cent in the past two years due to oversupply, making it one of the worst performing major Asian markets. But the outlook is improving with analysts expecting limited new developments until 2021 after some constructions this year.