Office rental cycle has peaked; retail rents may have bottomed out

Singapore

IT SEEMS a tale of two cities between Singapore's office and rental markets, going by the latest data from the Urban Redevelopment Authority (URA).

The figures suggest that the office rental cycle has peaked against the backdrop of clouded business sentiments and tenant resistance to further rental hikes. On the other hand, retail rents, which have been in a multi-year decline phase, may finally have bottomed.