After several quarters of stagnation, the Singapore office market seems to be finally showing signs of a reprieve.
According to data compiled by Colliers International, Central Business District (CBD) Premium and Grade A office rents in the city state rose for the first time in nine quarters for 3Q 2017, edging up 0.4% quarter-on-quarter.
Accordingly, occupancy rates remained relatively buoyant at 91.5%, despite the large new supply of office spaces from the recently completed 940,000-square foot Marina One West Tower.
“We expect accelerated rental growth ranging 5% to 7% over 2018, and a more moderate 3% to 5% in 2019, propelled by strong economic growth momentum in the medium term”, said Colliers International, in a quarterly report on the Singapore office market.
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