Chart of the Day: Office rents rose 1.5% in Q1

Rents in Beach Road/Middle Road saw the highest increase at 3.1%.

This chart from Knight Frank showed that office rents in most areas grew in Q1, reflecting an average of 1.5% rent hike in the quarter, thanks to high occupancy rates.

Prime grade office rents in Beach Road/Middle Road and Marina precincts saw the largest increase in rent by 3.1% and 2.5% QoQ respectively, led by the higher rents achieved at newer buildings.

Rents in Raffles Place/Marina Bay precinct grew 1.5% QoQ to $11.15 per sqft pm in Q1. City Fringe West/Alexandra Harbourfront rents went up 1.5% whilst rates in Shenton Way/Robinson Road/Tanjong Pagar Grade A increased 1.3%

“We expect rental increase to be moderated this year with less major expansions and increasing secondary supply,” said Calvin Yeo, head of office advisory at Knight Frank.