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Singapore Office Market Review

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Singapore Office Market Review January 2021 Singapore Office Market Review ISLANDWIDE RENTAL GUIDE Pg 2 SUPPLY / NEW DEVELOPMENTS Pg 4 Latest asking rates for 200+ office buildings Current vacancy rate in the CBD at 5% Photo by Tsuyuri Hara on Unsplash MARKET OVERVIEW / FORECAST Looking for office space? • Market will be dominated by short-term renewals Our detailed reports will give you all the information • Tech firms to lead demand: Alibaba, ByteDance, you need, including our guide on the lowest possible Twitter, Rackspace are all expanding, making Singapore effective rates to target their regional base See page 9 • Demand for co-working space to continue • Rates to soften by 7% – 9% across the board Celebrating 21 years in Singapore • Very few new office developments coming on stream 1999 – 2020 in the CBD in 2021 • Companies will continue to ‘right-size’ Corporate Locations (S) Pte Ltd Licence No. L3010044A Disclaimer T +65 6391 5212 The information in this publication should be regarded as a general guide only. Whilst every care is [email protected] taken in it preparation, no representation is made or responsibility accepted for its accuracy or completeness. The rentals mentioned are neither asking rentals nor rentals agreed by property owners, www.corporatelocations.com.sg but only represent the writers views on estimated rentals and is intended as reference only. Office Rental Guide MYP Plaza $6.50 Sunshine Plaza $6.00 OUE Downtown 1 & 2 $9.00 Tanglin Shopping Centre $6.00-$6.20 Official Asking Rates PIL Building $6.50 The Bencoolen $5.50 Robinson 77 $9.00 The Heeren $10.50 S$ per sq ft per month – Robinson 112 $6.80 Thong Teck Building $7.00-$8.00 inclusive of service charge Robinson Centre $10.50 Tong Building $9.00 Robinson Point $8.00-$8.80 TripleOne Somerset $8.50-$8.80 1 January 2021 SBF Centre $6.50+ Visioncrest Commercial $9.00 SGX Centre 1 & 2 $8.50-$9.50 Wheelock Place $11.50 Raffles Place/New Downtown Shenton House TBA Wilkie Edge $9.00 6 Battery Road $13.00 SIF Building $7.20 Winsland House I & II $9.50 6 Raffles Quay $7.50-$8.00 The Globe $6.50 Wisma Atria $9.50-$11.00 18 Robinson $12.00 The Octagon $5.80 20 Collyer Quay $9.00-$12.30 Tokio Marine Centre $8.00-$8.50 Chinatown/River Valley Road 30 Raffles Place $11.00 Tong Eng Building $5.20+ Central Mall Full 55 Market Street $10.50 UIC Building Full CES Centre $5.80 AIA Tower Full Chinatown Point $8.00 Asia Square Tower 1 $14.00 Tanjong Pagar Great World City $7.50 Asia Square Tower 2 $12.00-$13.50 78 Shenton Way Tower 1 $7.00-$8.20 Havelock II $7.50 ASO Building $6.20 78 Shenton Way Tower 2 $9.20 King’s Centre $6.50 Bank of China Building Full 79 Anson Road $8.50 The Central $7.20-$9.80 Bank of Singapore Centre $9.50 100AM $7.30 UE Square $8.50 Bharat Building $6.30 ABI Plaza $6.00 Valley Point $6.50 CapitaGreen $13.50 Anson Centre $4.50 CapitaSpring $14.00 Anson House $9.00 Edge of CBD Capital Square $11.00 AXA Tower $8.80 Alfa Centre $6.80 Clifford Centre $8.00-$9.00 Frasers Tower $14.00 Aperia* $6.00+ Far East Finance Building $7.00 Guoco Tower $11.00-$13.50 Boon Siew Building $5.00-$5.50 Grace Global Raffles $9.20 International Plaza $5.30-$6.50 Central Plaza $7.50 Great Eastern Centre $9.50 Jit Poh Building $4.50-$5.70 Goldhill Plaza $4.80 Hong Leong Building $9.00 Mapletree Anson POA Newton 200 $9.00 Income@Raffles $10.00 MAS Building Full Novena Square $8.00-$8.50 Marina One $13.00 Southpoint $6.50-$7.00 Rex House Full Maybank Tower $10.50 Springleaf Tower $8.20 SLF Building $4.20 MBFC Tower 1, 2 & 3 $13.00 St Andrew’s Centre $5.30 United Square $7.50-$7.80 MYP Centre $11.00+ Tanjong Pagar Complex $3.80 OCBC Centre $9.50 Twenty Anson $10.00 East OCBC Centre East Full AIA Tampines Full OCBC Centre South Full City Hall/Marina Centre/Beach Road ARC 380 $6.50 Ocean Financial Centre $13.00 11 Beach Road $7.10-$7.35 Asia Green $6.00-$6.50 One Finlayson Green $8.20 47 Hill Street $8.50 Changi Business Park $4.00+ One George Street $11.00 5One Central $9.50-$10.50 CPF Tampines $5.20 One Marina Boulevard $12.00 Beach Centre $7.80 Hiap Hoe Building $5.50 One Raffles Place Tower 1 $10.00-$11.00 Bugis Junction Towers $9.20+ NTUC Tampines Point $5.50 One Raffles Place Tower 2 $11.00 Centennial Tower $14.00 Parkway Parade $4.75 One Raffles Quay Towers $13.00 Duo Tower $13.00+ Paya Lebar Quarter $9.00 OUE Bayfront $13.00 Funan Full Paya Lebar Square $5.50-$6.35 PLUS $11.00 Millenia Tower $14.00 Singapore Post Centre $6.80 Prudential Tower $9.00-$10.00 Odeon Towers $7.60-$8.00 Starhub Green* $4.60 Republic Plaza 1 $10.00-$11.80 OG Albert Complex $5.00 Tampines Concourse $4.20 Republic Plaza 2 Full Parkview Square $8.00 Tampines Junction $5.50 Royal Group Building $9.00 Peninsula Plaza $5.50 Tampines Plaza Full Royal One Phillip $9.00 Raffles City Tower $8.00-$11.00 Tampines Plaza 1 $5.50 Samsung Hub $9.00+ South Beach Tower $12.00+ Viva Business Park $3.00+ Singapore Land Tower $10.50 Stamford Court $7.50 The Arcade $6.00+ Suntec Towers 1- 5 $8.50-$10.50 West/Others The House of Eden $7.80 The Adelphi $5.90-$7.20 20 Harbour Drive (formerly PSA Vista) $4.50 UOB Plaza 1 $11.50 The Concourse $8.00 Alexandra Point Full UOB Plaza 2 $11.00 The Gateway East & West $7.50 Alexandra Techno Park* $5.00 ALICE@Mediapolis* $5.50-$6.30 Robinson Road/Shenton Way Orchard Road/Dhoby Ghaut Fragrance Empire Building $5.80-$6.50 71 Robinson Road $11.00 50 Scotts Road $7.50-$8.00 Harbourfront Centre $6.30-$6.90 79 Robinson Road $12.00 51 Cuppage Road $8.00 Harbourfront Tower 1 $7.30-$7.80 80 Robinson Road $8.50 Burlington Square TBA Harbourfront Tower 2 $7.20 108 Robinson Road Full Faber House Full International Business Park Jurong* $4.00+ 110 Robinson Road $6.00 Fortune Centre $6.00 JEM Full 120 Robinson Road $6.50 Forum $8.00 Keppel Bay Tower $8.20 137 Telok Ayer Street $7.50 Goldbell Tower $8.50 Mapletree Business City* POA 150 Cecil Street $6.00-$6.50 Haw Par Centre $7.20 Pacific Tech Centre* $3.00+ 158 Cecil Street $8.00 Haw Par Glass Tower $5.20 PSA Building POA Afro Asia i-Mark $11.00 International Building $8.00 Singapore Science Parks $4.50+ Bangkok Bank Building $5.50 Liat Towers $7.50 The JTC Summit $5.11 BEA Building Full Ngee Ann City $10.00-$11.00 The Metropolis $8.50+ Capital Tower $10.00 Orchard Building $7.50 UE Biz Hub West $6.50 Cecil Court $5.50 Orchard Gateway $9.50 Vision Exchange $5.00-$6.50 City House $8.20 Orchard Towers $4.00 Westgate $6.80-$7.20 Cross Street Exchange $8.50 Palais Renaissance $8.20 Crown@Robinson $7.50-$9.00 Regency House $6.60 * Business Park / B1 space GB Building $5.50-$9.00 Shaw Centre $8.00 Keck Seng Tower $6.00-$6.50 Shaw House $8.50 Manulife Tower $9.00-$10.00 Singapore Pools Building Full Corporate Locations (S) Pte Ltd All rents quoted are asking rental rates and subject to change without prior notice License No. L3010044A In general allow around 10% discount for negotiations for best effective rate www.corporatelocations.com.sg 03 DEMAND Many companies working out a hybrid solution Demand in the market has been patchy for the last six months, whilst As far as AXA Tower is concerned, it is believed that Lazada are in the most companies are still assessing what the ‘new norm’ will look like final stages of securing three whole floors in5One Central (fka Manulife post Covid-19. For some companies, working from home has been a Centre and Plaza By The Park) amounting to nearly 100,000 sq ft. The huge success, but not so for other companies. Most are biding their timing of the redevelopment of AXA Tower has still not been determined time, put expansion plans on hold and have extended for the short-term. and most tenants want to stay as long as they can. It will mean that It is likely many companies will work out a hybrid solution with staff eventually, nearly 700,000 sq ft in total will have to be absorbed alternating between working from a conventional office and working from elsewhere by those current tenants. home or co-working space. Amazon takes up 90,000 sq ft in Asia Square Tower 1 The market has been boosted by some ‘artificial demand’ from companies that are being displaced due to the redevelopment of their Most recently it has been announced the Malaysian bank, CIMB has building. Two such buildings are Fuji Xerox Towers (353,500 sq ft) and leased over 50,000 sq ft on several podium floors at30 Raffles Place AXA Tower (680,000 sq ft). The former is more advanced by several (formerly known as Chevron House).
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