Chart of the Day: Prime office rents in Raffles Place/Marina Bay down 4.1% in Q2

This is due to landlords lowering their expectations to maintain occupancy.

This chart from Knight Frank showed that prime grade office rents in the Raffles Place/Marina Bay precinct, which holds the priciest office rents, dropped 4.1% QoQ to $10.61 per square foot per month (psf pm).

This is due to landlords lowering their expectations to maintain occupancy and try to secure new tenants amidst clouded economic prospects for the rest of the year. However, the report noted that occupancy rates remained relatively stable as it dipped 0.2% QoQ in the precinct due to ongoing lease commitments.

Given the correlation between office space demand and GDP growth in the previous recessions, Knight Frank is expecting prime office rents to fall by 10% to 15% for the whole of 2020.

Also Read

Q1 prime office rents rise 1.4% YoY as firms renew and upgrade spaces

OUE, Tokyo Century unit to develop Hotel Indigo Changi Airport

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit