The sector is beaming with positivity amidst moderate pipeline supply.
This chart from Edmund Tie & Company (ET&Co) shows that the office market in Singapore continued to expand in Q3 largely backed by the Central Business District (CBD) where average gross rents rose 0.9% QoQ to $9.05 psf in Q3.
ET&Co thinks that the outlook of the office market is positive as rents are foreseen to go up amidst moderation in pipeline supply.
The firm also found that gross monthly rents for Grade A buildings in Raffles Place rose by 0.5% QoQ to $9.85 psf.
Meanwhile, rents of Grade B offices in the area of Shenton Way/Robinson Road/Cecil Street/Anson Road/Tanjong Pagar also saw hikes by 0.5% QoQ to $6.25 psf.
“Office demand in the CBD may shift towards decentralised office locations, supported by the trend towards the “live-work-play” lifestyle and the expected increase in CBD rents,” the firm said.
Do you know more about this story? Contact us anonymously through this link.