Low rental rates supporting Singapore’s competitiveness | 23 April 2013
The low rental rates currently on offer across Singapore’s office space could help boost the country’s competitiveness within the global marketplace.
That’s according to comments from worldwide property consultancy Knight Frank, which did also confirm that rental rates will nudge up by 0.5% by the end of the year – but added that this is likely to be the extent of any growth.
This isn’t a bad thing though, as Knight Frank believes the current rental rates will encourage global businesses to set up shop in Singapore, sbr.com.sg reports. It also said that ‘Singapore’s position as a regional hub is further boosted by the entry of more certified qualifying law practice firms’.
Leasing levels are in fact likely to grow over the next two quarters, Knight Frank confirmed, as expressions of interest are expected to rise.
It could be Knight Frank’s comments ring true over the next few months, as in April alone, companies such as Cisco, Cambridge Consultants and Telstra have opened new offices in Singapore. The latter, a telecoms company based primarily in Australia, called the move ‘an important step’ towards its growth in Asia, channelnewsasia.com confirmed.
What’s more, media firm Saban Capital Group opened a new office in the area this month too. The director of the group’s Asian presence, Sumeet Jaisinghani, said he was “excited” about the move.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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Staff from Qube Global Software will attend MIPIM Asia, the two day global leader summit, at the beginning of December 2015. Topics this year include Asia Pacific inbound and outbound investment flows, regional development opportunities and projects, and real estate trends.
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