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Office Market Update

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Office Market Update Singapore January 2020 Office Market Update Supply Pg 2 Rentals / Forecasts Pg 2 Tightening supply beginning to bite and choice of options Rentals have advanced in the last 12 months but the has become much more limited in the past 12 months growth rate has slowed significantly Demand Fickle demand in a cautious market Demand for office space over the last 6 months has been muted / Out of town locations have been active patchy with consolidation and right-sizing being prevalent in this cautious market. Forced relocations from Keppel Towers, Tower Out of town locations have been active. Engineering consultant, Fifteen and Shaw Towers (all due for redevelopment) have also Worley Parsons has moved from Triple One Somerset to had a big impact on supply in the economy sector. A shift towards Alexandra Techno Park (35,000 sq ft) and Hikvision has also ‘out of town’ locations has been noticeable and interest in the moved here from Shaw Towers. Chemical distribution company new schemes is picking up, particularly for 79 Robinson Road Brenntag Asia Pacific has leased 20,000 sq ft inAlice@ (redevelopment of CPF Building). Mediapolis, Future Electronics has moved to UE Biz Hub East (30,000 sq ft) and brand development company Edenred leased The confirmed re-development of established buildings like 10,000 sq ft in Tai Seng Centre. Keppel Towers had a double whammy effect in the market – it simultaneously reduced the number of office buildings in the CBD Of the new developments coming up this year, 79 Robinson whilst displaced tenants absorbed the increasingly limited space Road has attracted considerable interest. Anchor tenants already in the secondary market. Online retailer Zalora is moving from committed here are EFG Bank and Allianz (committing up to Keppel Towers to take up 20,000 sq ft in 51 Bras Basah Road 50,000 sq ft each). Recent tenants to commit to this scheme (fka Manulife Centre). Carousell is moving from Keppel Tower 2 include the International Monetary Fund (IMF) 10,000 sq ft to Rochester Park / Buona Vista (40,000 sq ft). The Concourse (relocating from MAS Building) and Scottish drinks giant William on Beach Road has been one of the main beneficiaries of such Grant & Sons, leasing approximately 15,000 sq ft, relocating from relocations, especially with shipping companies and new tenants Aperia in Lavender. Recently completed 18 Robinson, has attracted here include V-Ships (Keppel Towers), GreatShip Global Offshore on-line photograph vendors Shutterstock, who took a whole floor and (Tower Fifteen) and Simmons SEA (Shaw Tower). financial software firm IRESS taking half a floor. Supply The tightening supply of office space is beginning to bite The tightening supply of office space is beginning to bite and the Republic Plaza, Asia Square, Marina One and 51 Bras Basah choice of options has become much more limited in the past 12 Road. The most important new schemes coming on stream this months. Indeed, those companies with a staff-strength of 40 to 90 year in the CBD will be 79 Robinson Road (Q2) and Afro Asia people will find they may only have 10-12 buildings to pick from iMark (Q3), both on Robinson Road. within the CBD, for any given budget. In some cases the choice may be even less, which is why it is critical to know well in advance Outside / Edge of CBD, there is wide choice in Valley Point and what shadow space is coming available, ahead of the competition. ample space is coming available in PSA Building later in the year, when PSA Corporation move to their own new building in Pasir 2020 will indeed be a challenging year to find the right office Panjang. There are further opportunities in the Harbourfront area space. Inside the financial district, the widest choices can be and UE Biz Hub West. To the East, Paya Lebar Quarter still has found in 30 Raffles Place (fka Chevron House) 55 Market Street, quality space available. 79 Robinson Road Afro Asia iMark 30 Raffles Place 51 Bras Basah Road Rentals / Forecasts Weak demand leading to static rentals Rentals have advanced in the last 12 months but the growth rate Still a landlord’s market but demand will be soft and leasing has slowed significantly. Demand was not the factor for rental activity will be slower over the next 12 months. growth but the limited supply, so landlords could hold out for their target rates. However, demand is expected to continue to be To conclude we expect demand to remain weak in the medium weak for the next 12 months, with many businesses holding back term, rentals to be static over the next 12 months and supply on their expansion plans due to global economic uncertainties. to contract across the board. If asked whether this is a tenant’s We therefore don’t see much reason why rentals would advance market or a landlord’s market, it is still weighted in favour of much this year and may even soften marginally later in the year, the landlord but leasing activity will be slower over the next 12 with the next wave of supply set to hit the market in 2021/2022. months. Top prime rates still average between $11.00 $13.00 per sq ft effective per month. We don’t see much reason why rentals would advance Top prime rates still average between $11.00 to $13.00 per sq ft much this year and may even soften marginally later effective. The mid-range buildings/locations command rates in the year, with the next wave of supply set to hit the between $8.00 and $10.00 per sq ft and the economy range is in market in 2021/2022. the region of $7.00 to $8.00 per sq ft effective. T +65 6391 5212 www.corporatelocations.com.sg License No. L3010044A Douglas Dunkerley Edmund Goh Darren Ng John Lee Disclaimer The information in this publication should be regarded Director Director Director Senior Manager as a general guide only. Whilst every care is taken in it preparation, no representation is made or responsibility accepted for its accuracy T +65 6391 5200 T +65 6391 5201 T +65 6391 5209 T +65 6391 5211 or completeness. The rentals mentioned are neither asking rentals nor rentals agreed by property owners, but only represent the writers [email protected] [email protected] [email protected] [email protected] views on estimated rentals and is intended as reference only. CEA Reg No. R030779G CEA Reg No. R030777J CEA Reg No. R022103E CEA Reg No. R016701D PIL Building Full Shaw Centre $8.00 Office Rental Guide Prudential Tower $10.00 Shaw House $8.50 Official Asking Rates Robinson 112 $6.50 Singapore Pools Building Full Robinson 77 $9.00 Sunshine Plaza $6.50 In general allow around 10% discount for Robinson Centre $9.00 Tanglin Shopping Centre TBA negotiations for best effective rate Robinson Point $8.00-$8.50 The Bencoolen $5.50 Samsung Hub $9.00+ The Heeren $10.50 SBF Centre $8.00+ Thong Teck Building $8.00 SGX Centre 1 & 2 $8.50-$9.50 Tong Building $9.00 Raffles Place/ New Downtown Shenton House TBA TripleOne Somerset $8.80 18 Robinson $12.00 SIF Building Full Visioncrest Commercial $9.00 20 Collyer Quay $10.00-$13.00 The Globe $7.00 Wheelock Place $12.50 30 Raffles Place $11.00 The House of Eden $7.80 Wilkie Edge $9.00 55 Market Street $10.50 The Octagon $5.80 Winsland House 1 & II $9.50 6 Battery Road $14.00 Tokio Marine Centre Full Wisma Atria $9.80-$11.00 Asia Square T1 $14.00+ Tong Eng Building $5.80 Asia Square T2 $13.00 UIC Building Full Chinatown / River Valley Road Bank of China Building Full Central Mall $7.00 Bank of Singapore Centre $11.00 Tanjong Pagar CES Centre $5.80 Bharat Building $6.50 100AM $6.80 Chinatown Point $6.20-$8.00 CapitaGreen $13.50 78 Shenton Way Tower 1 $8.20 Great World City $7.20 CapitaSpring $14.00 79 Shenton Way Tower 2 $9.80 Havelock II $7.50 Capital Square Full 79 Anson Road $8.30 King's Centre $6.50 Clifford Centre $8.00-$9.00 ABI Plaza $6.50 The Central $9.50+ Grace Global Raffles $9.20 Anson Centre $4.50 UE Square $8.50 Great Eastern Centre Full Anson House $9.00 Valley Point $6.50 Hong Leong Building $9.00 AXA Tower $8.80 Income @ Raffles $10.00 Fuji Xerox Towers $8.20 Edge of CBD Marina One $13.00+ Frasers Tower $14.00+ Alfa Centre Full Maybank Tower Full Guoco Tower $14.00+ Aperia* $6.00+ MBFC Tower 1,2 & 3 $13.00 International Plaza $6.00+ Boon Siew Building $5.25 MYP Centre $11.00 Jit Poh Building $5.70 Central Plaza $7.50 OCBC Centre $10.00 Mapletree Anson TBA Goldhill Plaza $4.80 OCBC Centre East Full MAS Building $8.30 Newton 200 Full OCBC Centre South Full Southpoint Full Novena Square $8.50 Ocean Financial Centre $14.00 Springleaf Tower $8.70 Rex House $5.30 One Finlayson Green $8.50 St Andrew’s Centre $5.30 SLF Building $4.20 One George Street $11.50 Tanjong Pagar Complex $4.00 United Square $7.50-$8.20 One Marina Boulevard $13.00 Twenty Anson $11.00 One Raffles Place Twr 1 $10.50-$11.50 West / Others One Raffles Place Twr 2 $12.00-$12.50 City Hall / Marina Centre / Beach Road Alexandra Point Full One Raffles Quay Towers $13.00 11 Beach Road Full Alexandra Techno Park* $5.00 OUE Bayfront $15.00 47 Hill Street $8.30 ALICE@Mediapolis* $5.70-$6.50 PLUS $11.00 51 Bras Basah Road $10.50 Fragrance Empire Building $5.80-$6.50 Republic Plaza 1 $10.00-$11.80 Beach Centre $7.80 Harbourfront Centre $6.30-$6.90 Republic Plaza 2 Full Bugis Junction Towers $9.50 Harbourfront Tower 1 $7.20-$7.70 Royal Group Building $9.50 Centennial Tower $14.80 Harbourfront Tower 2 $7.20 Royal One Phillip $9.50 Duo Tower $13.50 Int’l Bus Park Jurong* $4.00+ Singapore Land Tower $10.50 Funan Full JEM $6.40 The Arcade $6.50+ Millenia Tower $14.80 Keppel Bay Tower $8.00-$11.00 UOB
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