Singapore ranked 8th most expensive office location globally

Annual net rents of CBD Grade A office space in Singapore fell 4.9% to US$65.81 per sq ft.

According to Colliers International, amid a rocky global economic environment, annual net rents of CBD Grade A office space in Singapore fell 4.9%, or 0.4% in local currency terms during the period from July to December 2011, to US$65.81 per sq ft (S$7.11 per sq ft per month) as of end-December 2011.

Despite experiencing a fall for the first time since the market bottomed out in 4Q 2009, Singapore emerged the 8th most expensive office location globally in 2H 2011, overtaking Geneva and São Paulo which fell to the 9th and 10th spots, respectively.

Hong Kong, London-West End, Paris, Rio de Janeiro, Moscow, London-City and Perth took the top 7 positions; thereby, completing the list of 10 most expensive office locations globally in 2H 2011.

Notably, within the Asia-Pacific region, Guangzhou saw the highest rental growth at 10.7% in 2H 2011. Conversely, Mumbai registered the largest rental contraction at -26.4%.