Mountain of evidence reveals Singapore's bottoming office market

Committed occupancy at MBFC Tower III rose.

According to Nomura, the committed occupancy at Marina Bay Financial Centre (MBFC) Tower III is now 88%, vs 86% at the end of March.

Office rents at Novena Square and United Square in the Novena area appear to be stabilising at SGD8-8.50psfpm and SGD7.50-8psfpm, respectively.

Here's more from Nomura:

Pre-commitment at Nexus in Fusionopolis is now 70%. The going rents for the office space and business park space are SGD6.50psfpm and SGD5.80psfpm, respectively.

In comparison, as of end-March, pre-commitment was just over 50%. Committed office rents then were close to SGD6psfpm and the business park space was marketed at SGD5-5.50psfpm.

Office leases at Capital Tower and Six Battery Road are committed at SGD8-9psfpm and SGD10-12psfpm, respectively, more or less unchanged from a quarter ago.

Leases at Suntec City office are secured at SGD8-9psfpm, also unchanged from a quarter ago.

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