Singapore office rents stay competitive against Hong Kong and Tokyo

Singapore has been the third most expensive office location in Asia since 2009 at US$82.42 per sq ft per year in 4Q 2011.

According to Colliers International, cautious occupier demand, amid the rocky global economic backdrop, saw Singapore’s prime office rents trend downwards in 4Q 2011.

In local currency terms, the average monthly gross rents for CBD Grade A office space fell for the first time since the market bottomed out in 4Q 2009. Rents edged down 1.6% QoQ in 4Q 2011 to S$8.93 per sq ft per month.

In US Dollar terms, rents for Singapore’s CBD Grade A office space contracted 1.7% QoQ from US$83.81 per sq ft per year in 3Q 2011 to US$82.42 per sq ft per year in 4Q 2011.

At US$82.42 per sq ft per year in 4Q 2011, Singapore remains the third most expensive office location in the Asia Pacific region – a position she has maintained since 3Q 2009. The Republic also continued to maintain her competitive edge in office occupation cost over Hong Kong and Tokyo.