Robust demand for office space in Q2

SINGAPORE'S office property market saw stronger demand in the second quarter this year, according to property consultant Colliers International, which pointed out that all Grade A office micro-markets across the island have reached near-full occupancy rate at beyond 95 per cent.

According to the quarterly research report, the Shenton Way/Tanjong Pagar micro-market saw the highest occupancy rate of 99.4 per cent, up from 97.2 per cent in the first quarter. Demand came from a myriad of industries such as oil and gas, insurance, telecommunications and pharmaceuticals, said Marcus Loo, Colliers International's executive director for office services.

Upcoming office projects are also beginning to see some interest. CapitaGreen has achieved almost 12 per cent pre-commitment rate as at end-June. The project is expected to be completed by the year-end. Meanwhile, the landlord of South Beach Tower, expected to come on stream in the last quarter of this year, is reportedly in advance discussions to lease out another 20,000 sq ft of space.