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Singapore office rents surged 10% in 4Q 2010
Boosted by robust occupier demand amid a buoyant economy, Singapore office rents grew the fastest in Asia Pacific.
According to Colliers International, in US currency terms, Singapore’s CBD Grade A office rents grew 10% quarter-on-quarter in 4Q 2010 – the highest growth rate among the 26 cities surveyed. It is boosted by the continued strengthening of the Singapore Dollar against the US Dollar and robust occupier demand.
In local currency terms, Singapore’s CBD Grade A office rents grew by a more moderate 7.5% QoQ, to S$7.91 per sq ft per month from S$7.36 per sq ft per month in the previous quarter. For the whole year, rents in this sector have grown by 24.5%.
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