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Office rents in Singapore rose by 3.5 percent in Q3 2014, making it one of the highest quarterly rental growths in the Asia Pacific (APAC) region, according to JLL’s latest report. The growth is attributed to low vacancy levels.
Notably, the only other Asia Pacific cities with a higher figure were New Zealand’s Auckland with 3.8 percent, followed by Wellington at 4.6 percent.
However, based on rental growth for the year to October (Q4 2013 to Q3 2014), Singapore was the region’s top performer with an aggregate growth of 18.6 percent, beating Auckland’s 7.8 percent, Taipei at 9.2 percent and Wellington with 10.6 percent.
Looking ahead, the highest rental growth in the region over the next 12 months is expected to be recorded by Tokyo, Beijing and Auckland, while that in Singapore could moderate significantly due to upcoming stock.
“Rental growth is likely to be limited in most Asia Pacific markets over the remainder of 2014, while some Australian cities should see small declines. At this stage, we are cautiously optimistic that office leasing volumes will continue to improve in 2015,” JLL added.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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