COMMERCIAL PROPERTY | Krisana Gallezo-Estaura, Singapore

8 major office space projects under construction

Most are targeted for completion in 2018.

Rents are moderating in the second half of the year--an opportune moment for companies which have been waiting on the sidelines to jump into the market and secure premium spaces at favourable rents.

Data from Cushman & Wakefield (C&W) show that in the second quarter, the overall Grade A CBD vacancy rate dipped 0.4 percentage points to 4.2%. Marina Bay’s vacancy rate declined to 5.5%, down from 6.0%. Similarly, the vacancy rate in Raffles Place decreased to 2.9%, down from 3.7% in the previous quarter.

As a result, the overall Grade A CBD rent moderated by 1.1% to S$8.86 per square foot per month (psf/mo) in the second quarter. Marina Bay rents declined by 1.4% during the quarter to S$9.56 psf/mo, while rents in Raffles Place slid 2.0% to S$9.13 psf/mo.

As rents are still relatively cheaper when projects are yet to be completed, below is a list from C&W of the upcoming projects to help companies looking for affordable premium spaces.

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8 major office space projects under construction

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