Office and retail space rents in Singapore fell in the second quarter, according to property statistics released by the Urban Redevelopment Authority (URA) today.

Singapore is set to have more than 3 million sq ft worth of new office space completed in the core CBD area next year.

With office tenants on the lookout for more affordable premises in business parks, average monthly gross rents for the latter inched up by 1 percent quarter-on-quarter in Q2 2015, according to a DTZ report.

Blackstone has sold StarHub Green, a light industrial building along Ubi Avenue 1, to a recently minted private property fund managed by Singapore-based AEP Investment Management (AEPim).

SINGAPORE] Singapore’s new office leases declined by more than half as tenants such as Barclays Plc gave up space, while companies including Google Inc moved out of prime office districts to cut costs.

Office rents in prime areas weakened in the second quarter after nine straight quarters of growth, according to the latest reports from property consultancies.

With the continued demand from tech firms and pharmaceutical companies, vacancy rates of business parks across Singapore slid from 10.4 percent to 9.1 percent in the first half of the year, according to CBRE.

This follows the sale of the office and retail complex at Penang Road near the Orchard Road shopping belt for S$411.8 million, Suntec Real Estate Investment Trust (Suntec REIT) says.

Average office rents in the republic’s Central Business District (CBD) remained unchanged in Q2 2015 at $10.85 per sq ft per month, DTZ revealed. Specifically, average monthly gross rents in Marina Bay remained the highest […]