Rents of Premium, Grade A office in the CBD up 3.2%

That's $8.99 per sq ft.

According to Colliers International, as of March 2013, the average monthly gross rents for Premium and Grade A office space in the Central Business District (CBD) grew 3.2 per cent quarter-on-quarter (QoQ) to reach S$8.99 per sq ft. This is the highest average monthly rental level achieved since 4Q 2011.

Specifically, the average monthly gross rents for Premium Grade office space in the Raffles Place/New Downtown micro-market clocked its fourth consecutive quarter of growth, with an increase of 3.6 per cent QoQ to reach S$10.67 per sq ft in 1Q 2014.

Meanwhile, the quarter saw Grade A office space in the same micro-market play catch up, by registering a 5 per cent QoQ growth to stand at S$9.73 per sq ft in 1Q 2014. The largest QoQ growth of 5.7 per cent in 1Q 2014 was witnessed in Grade A office space in the Suburban micro-market, but this was mainly due to the addition of Jem office tower to the basket of office properties tracked.