Alexandra is becoming the new alternative to the Central Business District as prime office rents continue to escalate, said property consultancy Cushman & Wakefield yesterday.
According to their latest report, more banks have shifted some of their back room operations to Alexandra Road, which is preferred over locations such as Tampines and
Changi, because of its proximity to town.
Alexandra Road is just 10 minutes away from the CBD and has good links to the rest of the island via major road and expressways, said the firm.
Office rental rates there are about 40 to 50 per cent lower than what CBD offices are commanding.
The report added that prime office rates rose 23.1 per cent quarter-on-quarter to average $11.51 psf/month in June, surpassing the 1996 peak by at least 35 per cent
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