Office rents may stay lower for longer
Firms are reviewing their office space needs while rents at older buildings are expected to remain under pressure amid a flight to quality, says IREUS deputy director
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Singapore
THE recovery in office rents could be a protracted one as companies review their office space needs, while rents at older buildings are expected to remain under pressure amid a flight to quality.
In the past, the finance and insurance as well as the real estate, professional services and administrative and support services (FIRE) sectors have been seen as a key driver for office demand in the Central Business District (CBD), highlighted NUS' Institute of Real Estate and Urban Studies (IREUS) deputy director, Lee Nai Jia. "The performance of the FIRE sectors had a direct bearing on the demand and rents of offices in the CBD," he said.
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