Prime office rents climbed 16.7 percent in the third quarter to S$12.60 per square foot a month from the previous quarter. This was up 82.6 percent from a year ago. According to CB Richard Ellis, prime rents have exceeded the historical peak of S$11.50 per square foot a month in 1990.
Grade A office rent saw a smaller quarterly increase of 13.7 percent to S$14.90. However, compared to a year ago, the gain was over 96 percent.
CBRE is expecting more modest rental growth as tenants become more resistant to rental hikes and are more prepared to explore lower-cost locations and alternative premises options. - CNA/so
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