Office rents for 'trophy' buildings in Marina Bay up in 1Q

Average rents ranged from $13-$14 psf.

According to Cushman and Wakefiled, with firm demand and rising occupancies, prime Grade A office rent continued to increase with average rents for newer trophy buildings in Marina Bay ranging from $13 - $14 psf per month as at first quarter of 2014.

Toby Dodd, Country Head, Cushman & Wakefield, Singapore, comments: “Firm demand conditions coupled with limited new supply of prime office space have led to upward movement in rents this quarter, which is the fourth consecutive quarterly increase.

We expect prime office rents in the CBD area to continue to rise over the next few quarters, supported by a moderate level of new supply this year and positive economic sentiments as the outlook of the global economy improves.”