Singapore amongst cities with largest office rent declines

Occupancy costs fell 6.6% from a year ago.

If the latest Global Prime Office Occupancy Costs report from CBRE Research is anything to go by, then it seems that the office market in Singapore is becoming cheaper.

According to the rankings, Singapore is now the 27th city with the most expensive prime office occupancy. Costs in Singapore clocked in at US$85.02 psf in Q1. Hong Kong has the most expensive office market, with occupancy costs hitting US$302.51.

"In Singapore, occupancy costs continue to fall, thanks to the increased supply of office stock and weak levels of inflation," CBRE Research said.

In fact, Singapore is amongst the cities with the largest occupancy cost declines in the previous quarter, falling 6.6% from a year ago in terms of local currency. The largest cost decline was seen in Jakarta, Indonesia, where occupancy in local currency fell 19.6%.

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