Chart of the Day: Capital values for Grade A office space crawled up a tad 0.2%

That means $2,400 psf.

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.

Here's more from Colliers International:

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.

In 1Q 2014, the average capital value of Premium Grade office space in the Raffles Place/New Downtown micro-market held firm at S$2,667 per sq ft, while that of Grade A office space inched up by a modest 0.2 per cent QoQ to S$2,400 per sq ft.

Capital values during the quarter are, in part, supported by returning interest in the office investment market by investors and funds – on the back of improving office leasing demand and recovering rents.