Singapore office rents grew 10.9% in 3Q10

Singapore was ranked 4th in terms of Grade A rental performance and considered the best in Asia Pacific alongside with Beijing. In the survey conducted by the Jones Land LaSalle on regional office rents, Singapore recorded a quarterly net effective rental growth of 10.9%. This helped increase the Asia Pacific Office Rental index by 1.8% in the third quarter.

The survey measures a city’s average net effective rent which also aims to reflect the net rental income receivable by property investors. In 3Q10, landlords in Singapore were able to receive an average rate of USD 671 per square meter per annum.

The average Prime Grade A gross effective rent in 3Q10 reached $8.70 per square foot of NLA per month. This surpassed one of its peak levels in the year 2000 and is still expected to grow further by the end of the year.