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1Q19 rent growth was broad-based across all submarkets, with Marina Bay in the lead. As of the end of 1Q19, the average monthly gross effective rent of Grade A office space in the Marina Bay submarket stood at SGD12.54 per sq ft after rising 4.8 per cent q-o-q from SGD11.96 per sq ft in 4Q18.Mr Chris Archibold, Head of Leasing, JLL Singapore, commented: “Many occupiers are still keen to have a CBD presence.
No relief is seen for CBD office supply any time soon.This is because the next office completion in the CBD will likely be 79 Robinson Road and Afro Asia i-Mark which are expected to provide some 0.7 million sq ft of office net lettable area in total only from 2020. The refurbished Chevron House could also return to the market in 2020.
Story continuesHe added, “despite the curbs on residential properties, Singapore remains an attractive investment destination for investors, liquidity remains robust and demand for commercial projects is expected to remain high in 2019.”
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