Office market starts shifting in landlords' favour again

Singapore

IT TOOK a while, but the high end of Singapore's office rentals finally hit the bottom this year - earlier than expected.

This was because the take-up rate for Grade A office space in new developments in the Central Business District (CBD) was more robust than anticipated. Another reason was the rosier economic outlook.

Most property consultants expect the upward rental momentum to continue next year, citing expectations of continued healthy demand for office space from the likes of tech companies and co-working operators.

Some agents are also pinning their hopes on a recovery in demand from financial institutions, traditionally the major occupiers of CBD offices.

However, at least one office-leasing veteran i…