Singapore leads Asia Pacific property growth | 30 May 2014
Office space rents in Singapore increased by 4.5 per cent for the first quarter of 2014, representing the biggest rise in the Asia Pacific region.
JLL’s latest commercial market report shows that the island is spearheading a market revival, with demand for Grade A premises in its central business district (CBD) on the rise once again.
While rental fees are rising, vacancy rates are low and continue to drop. Head of markets at JLL Singapore, Chris Archibold, was quoted by propertywire.com as saying: “Island-wide office vacancy in Singapore is currently relatively low and consequently many of the major developers and investors have portfolios with occupancy rates in excess of 95 per cent.
“There are three new office buildings coming to the market at the end of this year, two in the CBD (South Beach Tower & CapitaGreen) and one decentralised project (Westgate Tower). These projects are seeing a strong level of interest from major MNCs (multinational companies).”
Across the region as a whole, the market rents increased by 0.8 per cent for the quarter, compared with 0.2 per cent in the last three months of 2013. Like Singapore, Tokyo experienced higher-then-average growth, at two per cent.
According to channelnewsasia.com, the pool of tenants in Singapore’s CBD has become more diverse over the past 12 months as tech firms move in to attract new ‘Gen Y’ talent.
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.
We are pleased to confirm that Qube Global Software will once again be sponsoring and exhibiting at MIPIM in Cannes, South of France.
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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