CUSHMAN & Wakefield is projecting rents in Singapore’s central business district (CBD) to land at S$9.54 per square foot (psf) per month by the end of 2020, down 10 per cent from 2019’s peak of S$10.66 psf per month, it said in a report on Thursday.
Emerging vacancy in the market placed a downward pressure on Grade A office rents, CBRE said in a separate report on the same day.
In the fourth quarter of 2020, Grade A office rents corrected for its fourth consecutive quarter, declining at 2.8 per cent quarter on quarter to S$10.40 per square foot per month.
This represented a full year decline of 10 per cent in Grade A office rents, which reversed the rental growth of 6.9 per cent in 2019, CBRE’s report noted.(more…) Read More