Singapore's office rents amongst world's most expensive
Rents are priced at US$68 psf on average.
Singapore’s office rents ranked 19th in the world’s most expensive office destinations with an annual average price of US$68 per sq ft (psf), US-based commercial real estate listings Commercial Cafe reported on their website.
Office rents in Singapore's central business district (CBD) is now more expensive than Miami's CBD in Florida, which ranked seven in the US most expensive office rents, priced at US$63.60 psf.
Further, four Asian countries made it to the world’s top five priciest office rentals.
Office rents in Hong Kong’s CBD topped the list, with an annual rental rate of US$269 psf, followed by Beijing’s Finance Street in China, which is priced at US$174 psf. Office rents in Tokyo’s Marunouchi in Japan and Shanghai in China came at fourth and fifth, with an annual rent of US$132 and US$120 psf, respectively.
Singapore Business Review also previously reported that Singapore’s office rental growth is expected to be the second fastest in Asia Pacific, with a forecast rate of 9% to 10% this year.