Leasing costs are at $10 psf/monthly.
Rental costs for Grade A offices in the CBD continued their steep climb after rising by 2.7% to an average of $10 psf/monthly, according to real estate consultant Cushman & Wakefield.
Marina Bay boasts the highest monthly rents of Singapore's office submarkets in Q3 at $11.43 psf followed by Raffles Place at $10.15 psf. On the other hand, leasing costs for offices in the city fringe and suburban areas are the lowest at $6.89 psf and $5.34 respectively.
Cushman & Wakefield notes that the limited supply situation is fast stoking office rents to new heights as Singapore's Grade A CBD supply pipeline is poised to stay below 1 million sq ft from 2019 to 2021.
Tenants would have to wait three more years for a reprieve from high rents until the supply influx of 1.8 million sq ft that will be unlocked in 2022, the firm added.
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