Grade B CBD submarket office rents increased 2.6%.
This chart from OCBC Investment Research (OIR) with data from CBRE Research shows that Grade A core central business district (CBD) office rents sustained its growth momentum with rates rising 4.1% QoQ to $10.10 psf/month in Q2.
This was the fourth consecutive quarter of growth, following Q1 2018, Q4 2017 and Q3 2017’s 3.2%, 3.3% and 1.7% sequential growth to $9.70 psf/month, $9.40 psf/month and $9.10 psf/month, respectively,” OIR noted.
For Grade B CBD submarket, office rents recorded a 2.6% QoQ hike to $7.80 psf/month.
Meanwhile, occupancy rates remained stable at 94.1% for Grade A core CBD, and 94.2% for Grade B core CBD.
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