Office rents to rebound by end-2017 as supply shrinks

Rents have dwindled down 15% due to 2.3m sq ft. of space.

Singapore's office rents may see a pick up only by end-2017 when the amount of new supply of space shrinks, CapitaLand Commercial Trust chief executive officer Lynette Leon said.

In an interview with Bloomberg TV, she said about 2.3m sq ft. of space were added this year, driving rents down by 15%. She noted that less than 500,000 sq ft. are being planned annually starting in 2018, with no supply in sight from 2020.

“Given that there’s still some new supply coming on stream next year, we foresee that rents will remain a little soft,” Leong said. “However, it should recover by the end of the year given that there’s very little new supply over the years ahead.”

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