Monthly rents for premium, Grade A office space in CBD crept up by 3.2%

It's the highest since 4Q11.

According to Colliers International, buoyed by increased leasing activities, landlords revised their rent expectations upwards across the market. 

As a result, the average monthly gross rent for Premium Grade office space in the Raffles Place/New Downtown micro-market rose 3.6% QoQ
in 1Q 2014, its fourth consecutive quarter of growth, to $10.67 per sq ft per month.

Here's more from Colliers International:

Given the comparatively lower base of Grade A over the Premium Grade office rents in the Raffles Place/New Downtown micro-market, the former recorded a higher pace of growth of 5.0% QoQ in 1Q 2014 as they play catch up to Premium Grade office rents.

In the Suburban micro-market, the addition of the new Jem office tower to Colliers International’s basket of office properties, tracked upon its completion in January 2014, gave the average monthly gross rent in the micro-market a boost, raising it by some 5.7% QoQ.

The other micro-markets, too, saw gains in average rents ranging between 1.1% and 3.3% in 1Q 2014. 

Overall, the average monthly gross rents of Premium and Grade A office space in the CBD ascended 3.2% QoQ in 1Q 2014 to reach $8.99 per sq ft as of the end of March 2014, the highest rental rate since 4Q 2011.