A Review of the Singapore Office Market

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A Review of the Singapore Office Market Singapore September 2016 Singapore | Hong Kong The Office A review of the Singapore office market Market Forecast Rates are expected to continue to soften for at least another 2 years Overview Market Forecast The Singapore office leasing market has remained challenging, but by no means Rates are expected to soften for at least another 2 years and may begin to bottom out inactive despite fickle demand. There has been a flurry of activity involving larger space at the end of 2017 / early 2018. users committing on space in the new schemes but the net absorption has been minimal. Within the next two years there will still be more high quality schemes coming stream The leasing market continues to be fragile with many landlords managing to convince their including Frasers Tower (approx. 690,000 sq ft) and Robinson Tower (approx. 200,000 sq ft) tenants to stay by lowering renewal rates still further. Some of the big moves came as no within the Financial District as well as Paya Lebar Quarter (approx. 1,000,000 sq ft) outside surprise with Bank of Tokyo Mitsubishi (150,000 sq ft Marina One), Mitsui and Co. (80,000 the CBD. This will ensure Singapore office market will remain very competitive compared sq ft Asia Square) and PwC (180,000 sq ft Marina One East Tower) all having been in their to other financial hubs in the region, as well as continuing to attract new enterprises and current buildings (Republic Plaza, 80 Robinson Road and PWC Building respectively) for expansion of regional offices here. over 15 years. The time is ripe for many other large space users to upgrade/right size and there are quite a few players in this category who will be aware that opportunities to move Over the next 12 months we expect rates to fall by around 10% but the rate of decline into new schemes after 2018 will be more limited. could begin to slow by the end of next year. Rentals REFER AND EARN Rates continue to soften but at a slower rate than witnessed in Q4 2015/ Q1 2016 and are Do you know someone looking for office space? already 20% off their peak in March 2015. However the full impact of the major voids that will $$ Big cash rewards for successful leads appear next year, as a result of relocations, has not filtered through yet and we expect more severe triage come 2017.The most expensive office buildings are now commanding effective 15% of our commission rates between $10.50- $11.00 per sq ft for the smaller units but larger space users, focusing on Total confidentiality assured the new schemes are targeting average effective rents between $8.00 and $9.00 per sq ft. The Tanjong Pagar area still offers the best value for money, with many quality options available Please contact us for full details. between $6.25 and $7.50 per sq ft. Corporate Locations (S) Pte Ltd License No. L3010044A Marina One T +65 6320 8355 / [email protected] / www.corporatelocations.com.sg 158 Cecil Street $8.20 City Hall / Marina Centre / Beach Road Chinatown / River Valley Road RENTAL GUIDE AIA Tower Full Summary of Asking Rates ASO Building Full 11 Beach Road $6.20 CES Centre $5.50 Bangkok Bank Building Full 30 Hill Street $8.50 Central Mall $7.00 BEA Building $7.15 Bugis Junction Towers $8.20 Chinatown Point TBC Capital Square $TBC Centennial Tower $12.50 Great World City $7.00 Capital Tower $9.50 Beach Centre $7.80 King’s Centre $6.50 Cecil Court $6.50 Duo Tower $9.00 The Central $8.00 Raffles Place / Marina Bay China Square Central $8.50 Millenia Tower $12.50 UE Square $7.50 City House $8.00 Odeon Tower $8.50 Valley Point $7.00 6 Battery Road $14.00 Far East Finance Building $5.50+ OG Albert Complex $5.50 20 Collyer Quay $10.00 - $12.00 Far Eastern Bank Building $6.50 Parkview Square $8.00 55 Market Street Full Finexis Building $7.00 Peninsula Plaza $5.80 Edge of CBD Asia Square Tower 1 $12.00 - $13.00 GB Building $6.00+ Raffles City Tower $11.00 Asia Square Tower 2 $12.00 - $13.00 Grace Global Raffles $8.50 Shaw Tower $6.00 Alfa Centre Full Bank of China Building Full Great Eastern Centre $9.50 South Beach Tower $10.00 Aperia* $6.80 Bharat Building $6.50 Hong Leong Building $9.00 Stamford Court $7.50 Boon Siew Building Full Bank of Singapore Centre $9.50 Keck Seng Tower $5.50+ Suntec Towers 1-5 $9.00 Central Plaza $7.50 CapitaGreen $13.00 PIL Building Full The Adelphi $7.00 Goldhill Plaza $6.00 Chevron House $9.00 PWC Building $9.50 The Concourse $7.50 Newton 200 $9.00 Clifford Centre $8.50 Prudential Tower $9.50 The Gateway East and West $8.00 Novena Square $8.50 Income@Raffles $9.00 Robinson 77 $8.00 Rex House Full Maybank Tower $11.00 Robinson 112 $6.50 SLF Building $5.00+ MBFC Tower 1, 2 & 3 $13.00 Robinson Centre $8.50 Orchard Road / Dhoby Ghaut United Square $7.50 OCBC Centre $9.60 Robinson Point $8.50 OCBC Centre East $8.50 Samsung Hub $9.50+ 50 Scotts Road Full Ocean Financial Centre $11.50 SGX Centre 1 & 2 $8.50 51 Cuppage Road $7.50 West / Others One Finlayson Green $8.50 SIF Building $8.50 182 Clemenceau Ave TBC One George Street $10.50 Shenton House $5.50 Burlington Square $6.00 Alexandra Point $7.00 One Raffles Place Tower 1 $8.00 - $9.90 The Globe $6.60 Faber House $8.00 Alexandra Techno Park* $4.30 One Raffles Place Tower 2 $9.50 - $9.90 The Octagon $6.50 Fortune Centre $5.20 Fragrance Empire Building $6.00 One Raffles Quay North Tower $11.00 - $12.00 Tokio Marine Centre $7.00 Forum $8.00 Harbourfront Centre $6.90 OUE Bayfront $11.00 - $13.00 Tong Eng Building $5.50+ Goldbell Towers $8.50 Harbourfront Tower 1 $7.50 RB Capital Building $8.50 Haw Par Centre $7.00 Harbourfront Tower 2 $6.90 Republic Plaza 1 $10.00 - $11.00 Haw Par Glass Tower $4.80 International Business Park (Jurong)* $4.00 Republic Plaza 2 $8.80 Tanjong Pagar International Building $8.50 JEM @ Jurong Gateway $5.90 Royal Group Building $9.50 Liat Towers $8.50 Keppel Bay Tower $7.50 Royal One Phillip $8.50 78 Shenton Way $7.80 Manulife Centre $8.00 Mapletree Business City* $6.50 Singapore Land Tower $11.00 79 Anson Road $7.00+ Ngee Ann City $10.50 Pacific Tech Centre* $3.55 Straits Trading Building Full ABI Plaza $6.50 Orchard Building $8.50 PSA Building $7.20 The Arcade $7.30 Amara Corporate Tower $7.00+ Orchard Gateway $9.00 PSA Vista $4.50 UOB Plaza 1 $10.50 Anson Centre $5.30 Orchard Towers $4.00 Singapore Science Parks* $4.50+ UOB Plaza 2 $10.50 Anson House $7.00+ Palais Renaissance $8.90 The JTC Summit $4.65 AXA Tower $8.50 Regency House $7.20 Westgate $6.50 Fuji Xerox Towers $7.50 Shaw Centre $8.00 Robinson Road / Shenton Way Guoco Tower $11.00 Shaw House $9.00 Hub Synergy Point $5.00 Singapore Pools Building Full East 4 Robinson Road $6.90 International Plaza $6.50 Sunshine Plaza $6.00 6 Raffles Quay $7.80+ Jit Poh Building $6.50 Tanglin Shopping Centre $6.20 Abacus Plaza Full 71 Robinson Road Full Keppel Towers $7.00 The Bencoolen $6.50 AIA Tampines Full 80 Robinson Road $8.50 Mapletree Anson $8.50 The Heeren $11.00 Changi Business Park* $4.50 120 Robinson Road $7.00 MAS Building Full Thong Teck Building Full CPF Tampines Building $4.90 135 Cecil Street $7.00 St. Andrew’s Centre Full Tong Building Full NTUC Tampines Junction $5.50 137 Telok Ayer Street $7.00 Southpoint $7.00 TripleOne Somerset $9.00 NTUC Tampines Point $5.50 146 Robinson Road $5.50+ Tower Fifteen $7.00 VisionCrest Commercial $9.00 Parkway Parade $6.00 150 Cecil Street $6.30 Twenty Anson $9.00 Wheelock Place $12.00 Singapore Post Centre $6.50 Wilkie Edge $7.00 Tampines Concourse $5.20 Winsland House 1 $10.50 Tampines Grande $5.50 Winsland House 2 $10.50 Tampines Plaza $5.50 Wisma Atria $10.50 Viva Business Park $3.00 - 3.50 All rents quoted are asking rental rates and subject to change without prior notice * Business Park / B1 space Supply Continues to be very healthy for tenants with ample choice in all locations The supply situation continues to be very but the rental rates have been adjusted full and there is only limited space in Tower substantial amount of space available. healthy for tenants with ample choice in recently to be more competitive and should 3. One Raffles Quay North Tower is nearly Elsewhere, Fuji Xerox Tower has a large variety all locations, covering a wide variety of attract renewed interest soon. full but South Tower still has the ex- Royal of small units available but it is Keppel Towers buildings, so there should be something for Bank of Scotland space available. There is and Tower Fifteen that have the most space on everyone. Most of the shadow space has Rental rates in Duo Tower have been plenty of space available in Asia Square and offer, although their long term future remains either been leased out or the leases for fallen adjusted recently to be more competitive of course Marina One will soon be ready to uncertain.
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