Prime office rents inched up 1.5% in Q4
More tenants from various industries filled up spaces in all precincts.
Prime office rentals inched up by 1.5% YoY in Q4, compared with the 0.7% YoY decline in 2016, Knight Frank Singapore revealed.
According to its office market snapshot, the amount of space available for lease in most precincts saw a decline, with tenants from various industries signing up spaces in Q4.
Grade A+ office space rents saw an increase of 1.7% QoQ at the Raffles Place and Marina with a fall in total space available for lease by 1.5% QoQ.
Knight Frank office advisory executive director & head Calvin Yeo said, "Landlords of Grade A+ office buildings are gradually adjusting rents upwards in view of the limited new supply of prime offices coming on stream until 2020."
Grade A office space rents rose across several precincts, with Suntec and Marina Centre precinct witnessing the highest growth by 1.7% QoQ. Grade A office space rents in the Shenton Way/Robinson Road/Tanjong Pagar, City Hall and Orchard Road precincts also saw increases of 1.2% to 1.3% QoQ.