BuyRentSingapore.Com Observes A Dip In Central Business District Office Space Vacancy Rates.
Demand for Singapore central city office space has drove down vacancy rates in the second quarter of 2012.
Singapore (I-Newswire) August 3, 2012 - Singapore Property market sees new demand for central city office space. Vacancy rates in Singapore’s Central Business District (CBD) has fallen from 11.5 per cent in the first quarter of 2012 to 10 per cent in the second quarter. However, office values has slightly dipped for the first time in two and half years from the continued easing of office rents this quarter.
Current average prices of Grade A office space in Raffles Place or New Downtown Areas is about S$2,447 per square foot. This is about 0.5 per cent lower than first quarter of this year.
The average monthly rents of Grade A office space in Raffles Place or New Downtown Areas is now about S$9.47 per square foot. This has fallen 3 per cent quarter on quarter.
The adjustments seen in the office sales and rents may be due to the effects of increasingly uncertain global economic environment reined in by the better than expected economic performance in Singapore. The price and rental movements are also affected by the hiatus of new major office completions for the rest of the year.
Looking ahead, demand for office space in the short term may be driven by smaller firms. While sales of strata office units will be brisk due to their investment potential driven by fairly high occupancy rates and limited stock.
Within the Central Business District, there is a new launch mixed development project called Eon Shenton. Located within the heart of Singapore financial district of Shenton Way, this project comprises of shops, offices and residential units. Some of the offices and residences offer spectacular unblock sea view. It is also a short walk to the nearby Tanjong Pagar MRT train station.
Local Singaporean and foreigners looking to invest in in Singapore property market should check out http://www.BuyRentSingapore.com, or http:// www.BuyRentSingaporeProperty.com to get an overview of the available projects and the latest promotional offers.
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Published On:August 3, 2012
Print Release:Print Release
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