Singapore office rents fall up to 8.8%

SINGAPORE: Singapore office rents declined as much as 8.8% in some parts of the citystate in the first quarter, hurt by the weaker global economic outlook that led firms to hold back their expansion, real estate consultants Colliers International said.

The fall signals the downturn in the office rental market has worsened and Colliers expects more pressure on rents.

Office values held firm in the first quarter, however, as record low interest rates and measures to cool the residential market attracted buyers to the office sector.

By Reuters