Singapore prime office rents surged 18.6% in Q3

This is the biggest jump in Asia-Pacific.

Prime office rents in the island grew at a record-setting pace in the third quarter. Office rents in the CBD surged 18.6% year-on-year in the third quarter, the fastest rate of growth across 27 locations in Asia Pacific.

According to a report by JLL, the average Grade A office rent in Singapore’s CBD climbed to US$845 per square meter per year in the third quarter. Prime office rent in the CBD is now the third most expensive in the region, next only to Hong Kong Central at US$1497 psm per year and Beijing CBD at US$1032 psm per year.

“Over the twelve months to end-3Q14, average rents in aggregate grew 2.9% compared with 1.9% in the twelve months ended 2Q14 and was the strongest result in two years. Singapore (+18.6%) remains the regional outperformer on an annual basis, followed by Taipei and the two New Zealand cities (between 8% and 10%). At the opposite end of the spectrum, most Australian CBDs (down between 8 and 29% for the for the year except for Sydney and Melbourne) continue to see the weakest performance,” noted JLL.