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Asia Property Report - July 13 - News
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Singapore´s rental market for both the office and industrial markets are heading southwards, research from CB Richard Ellis (CBRE) and DTZ show.
According to CBRE, prime office rents averaged S$8.60 per sq ft per month, reflecting a 18.2 percent decrease quarter-on-quarter as compared to the 18.6 percent quarter-on-quarter drop in the first quarter of 2009.
Grade A rents averaged $10.15 per sq ft per month, showing a decline of 17.5 percent quarter-on-quarter compared to the 18.0 percent fall recorded in the first quarter of 2009.
Both prime and Grade A rents fell 33.3 percent and 32.3 percent respectively in the first half of 2009.
CBRE said the leasing market was far more active in June despite the recession
“Whilst the economy is still technically in a recession, the office leasing market was far more active in the second quarter particularly in the month of June,” CBRE executive director of office services said.
Higher vacancies were clocked in the Core CBD area due to tenants downsizing or relocating to lower cost options.
Vacancy rate for the Core CDB micromarket almost doubled from 4.6 percent in the fourth quarter of 2008 to 8.5 percent in the second quarter of 2009.
A percentage point of 2.2 increase in vacancy rate was recorded for Raffles Place.
In the east, the Tampines micromarket too saw an increase in vacancy rate, but this was primarily due to the recent addition of office space with the completion of Tampines Grande and Tampines Concourse.
On the industrial rental market side, DTZ reports steeper declines in the second quarter of 2009 compared to the fourth quarter of 2008.
In the second quarter of 2009, a fall of 6.8 percent is clocked for the average monthly gross rents for first-storey private industrial space and a fall of 8.1 percent for upper-storey space.
This is the highest rental contraction since the third quarter of 2003 when rents declined by 8.3 percent and 11.1 percent respectively for the first and upper-storey space.
Average rents of first-storey and upper-storey private conventional industrial spaces have fallen by 12.8 percent and 17.1 percent when compared to the peak in the third quarter of 2008.
Hi-tech industrial properties such as business park and science park space took the hardest hit among industrial types.
It fell by 12.8 percent in second quarter 2009 – the largest contraction since the second quarter of 2003.
This is some 24.4 percent below the peak of $4.50 per sq ft per month recorded in the third quarter of 2008.
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Apartment / Condominium - Bangkok |
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Type: Villas in Tay Ho - West Lake
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