The growth will continue in the next 12 months.
The prime office rent in Singapore increased by 1.8% quarter-on-quarter (qoq) in Q4 2017, according to Knight Frank Asia-Pacific Prime Office Rental Index.
“The office market in Singapore showed continued signs of recovery in Q4 2017, with active leasing activity gathering pace,” Knight Frank noted. The global property consultancy also forecasted the prime office rent in the country to increase over the next 12 months.
Across the region, prime office rental increased 0.7% qoq and 1.1% yoy in Q4 2017. The growth was pushed by rising rents in Singapore, Jakarta, Manila, Sydney, Mumbai, Guangzhou, NCR, Bangkok, Hong Kong, Tokyo, Brisbane, and Taipei over the quarter.
Prime office rent increased the highest in Jakarta with 3.8% qoq, but Knight Frank expects the prime rents in the city will be tenant-favourable for at least the next 24 months.
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