COTD: CBD Grade A Office rents hit $9.93 after 0.8% Q3 rise

It was the sixth consecutive QoQ increase.

The average rent for Core Business District Grade A office buildings rose by 0.8% quarter-on-quarter to $9.93 per square foot during the third quarter of the year, according to a Savills report.

The report said this was the sixth consecutive QoQ increase and was the largest quarterly increase since Q1 2022.

It was also the highest since Q1 2020, when office rents were at $10 per sq ft.

“The steady take-up of office space amidst easing interest rate concerns and limited office supply led to higher rental expectations of landlords,” Savills said.

On a year-on-year basis, rents grew by a larger 2.1%, the fastest YoY growth since Q4 2022, when office rents increased 2.2%.

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