Singapore office rents grow for sixth straight quarter in Q3 2018: JLL study
Likely withdrawal of ageing assets for redevelopment will further tip the balance in favour of demand, it says
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SINGAPORE office rents have increased for the sixth straight quarter in the third quarter of 2018, coming closer to beating the last high seen at the start of 2015, amid near-term tightening in CBD (central business district) space and strong demand from occupiers.
Research from consultancy JLL showed that gross effective rents of Grade A office space in the CBD edged up 2.3 per cent quarter-on-quarter in Q3 2018 to average S$9.93 per square feet (psf) per month. That is an 18 per cent increase over the six quarters, putting rents just 6 per cent below the Q1 2015 peak of S$10.56 psf per month.
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