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Singapore office space among Asia’s most competitive | 17 March 2015

Singapore office space among Asia’s most competitive | 17 March 2015

Singapore is one of the most competitively priced cities in Asia for office space rentals, a new report from Cushman & Wakefield reveals.

Although Singapore is one of the most expensive Asian cities to live in, its office space remains significantly cheaper than Hong Kong’s. Overall occupancy in Singapore rose by 9.8 per cent in 2014 – the total cost of occupancy includes service charges, rents and local taxes, reports asiaone.com.

Singapore has moved upwards in Cushman & Wakefield’s annual Office Space Across the World global ranking report, from 13th to 12th. Occupancy cost in the city is 49 per cent cheaper than in Hong Kong, and Singapore is the seventh most expensive in the regional list. Hong Kong is the priciest, followed by New Delhi and Tokyo, reports businesstimes.com.sg.

No significant completions are planned for this year, but in 2016 about four million sq ft of new office space is set to hit the market, thanks to projects such as Marina One, Guoco Tower and DUO Tower. Prime Grade A rents should stabilise as a result.

Toby Dodd, country head at Cushman & Wakefield Singapore, commented: “Despite the lack of new supply in Singapore in 2015, there is an estimated 1.59 million sq ft of space available due to subleasing and companies relocating. This is likely to provide some balance to the supply and demand situation in 2015-2016.”

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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Philippa Cunningham
Posted by Philippa Cunningham
+44 (0) 20 7726 3200.
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