(May 23 06:00) Sbr.com.sg
Submitted By:
Nathanielle Punay
Case Study:
No
Limited supply for mid-sized units pushed leasing costs up.
Singapore’s prime office rents surged 23.7% YoY to an average of US$81.2 sqm/month in Q1, according to Knight Frank, The latest reading represents the highest YoY increase brought about by limited supply for mid-sized units in Raffles Place and Marina Bay and translates to a gross effective rent of US$93.5 sqm/month.
On a quarterly basis, prime office rents grew by 1.5% from Q4 2018 and the momentum is expected to be maintained with prime office rents set to grow further over the next 12 months.
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