Chart of the Day: CBD Grade A office rents edged up 1.2% to $8.41psf

AAA grade office rents jumped the highest.

According to Savills, a turnaround in average rents of CBD Grade A offices was witnessed  in Q1/2013 after falling for six consecutive quarters since Q3/2011. 

Rents of such buildings tracked by  Savills edged up 1.2% QoQ from S$8.31 per sq ft in Q4/2012 to S$8.41 per sq ft in Q1/2013. AAA grade office rents recorded the biggest quarterly growth of 2.9%, averaging around S$10.29 per sq ft in Q1/2013.

Here's more from Savills:

Although whole-floor rents have remained unchanged from a quarter ago, the healthy demand for pocket space has pushed up rates.

In contrast, the rental growth of other CBD Grade A offi ces was marginal at 0.5% QoQ. By location, rents were unchanged in the Beach Road/Middle Road and City Hall submarkets, while those in other areas rose slightly from a quarter ago, with the Shenton Way submarket topping the growth at 3.7% QoQ.