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Rents of prime office space here declined by 6.6 percent during the first quarter compared to the same period a year ago, reported the Singapore Business Review.
According to CBRE’s Global Prime Office Occupancy Costs report, the republic is now the 27th city in the world with the priciest prime office rent at US$85.02 psf in Q1 2017.
“In Singapore, occupancy costs continue to fall, thanks to the increased supply of office stock and weak levels of inflation,” said the property consultancy.
Consequently, the republic is one of the cities that witnessed the biggest drop in prime office rents.
Meanwhile, Hong Kong took the number one spot for the most expensive prime office market, with rents reaching US$302.51 psf during the first quarter of 2017.
On the other hand, the steepest fall in office occupancy cost was recorded by Indonesia’s Jakarta, where it slumped by 19.6 percent year-on-year in terms of the local currency.
This article was edited by Denise Djong.
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