Sunday, April 1, 2012

Office vacancy 'may double in 2012'

Straits Times: Sat, Mar 31
OFFICE vacancy rates could be twice the level this year than in 2010 but there is no cause for alarm as leasing demand is still healthy, according to a property consultancy firm.

Vacancies for Grade A offices have hit 9.4 per cent in the three months to end-March, up from about 6 per cent in the previous quarter, according to Cushman & Wakefield. The vacancy rate for Grade A office space in Singapore was 4.7 per cent in 2010.

They are the highest in the Marina Bay area at 15 per cent, and the lowest around the City Hall and Marina Centre area at 3.7 per cent.

Vacancy rates are rising because of the large supply of new office space entering the market from recently completed developments like the Marina Bay Financial Centre.

This is unlike the situation during the market glut in 2009 when the global financial crisis curtailed office demand and sent rents into freefall...

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Martin Koh/ Sherry Tang
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