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Inside Hong Kong Office Space?

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Inside Hong Kong Office Space? September 2011 The Office A review of the Singapore office market Also interested in Inside Hong Kong office space? Visit below website to download Singapore’s top 30 a Hong Kong market review rental choices www.corporatelocations.com.hk/ marketresearch.html The information in this publication should be regarded as a general guide only. Whilst every effort has been taken to take care in its preparation, no representation is made or responsibility accepted for its accuracy. Corporate Locations (S) Pte Ltd License No. L3010044A Tel 6320 8355 / [email protected] / www.corporatelocations.com.sg DEMAND New developments dominate the leasing market The brand new developments have certainly Demand for office space has returned to more continued to dominate the office leasing market active levels after a slight lull in the earlier part of this year with all three big schemes attracting this year. The strong pace of the office leasing an impressive list of new tenants. Asia Square market in 2010, particularly for the larger deals, Tower 1 continues to interest those companies was unlikely to be sustainable since this was looking for the largest floor plates and new when the major schemes for 2011 secured their tenants here include Google – circa 150,000 anchor tenants. These included Citibank leasing sq ft (moving from AXA Tower), White & Case 250,000 sq ft in Asia Square Tower 1, ANZ (relocating from Singapore Land Tower), Julius Bank and BNP Paribas both taking 200,000 Baer leasing around 60,000 sq ft (relocating from sq ft and 150,000 sq ft respectively in Ocean One George Street), Lloyds of London taking Financial Centre whilst Bank of America/Merrill 65,000 sq ft (also from One George Street) Lynch leased 120,000 sq ft in OUE Bayfront. and Marsh & McLennan leasing 100,000 sq ft Visa International also joined Ogilvy & Mather (relocating from China Square Central). Other as the first anchor tenants for71 Robinson. banks to relocate here are Bank Sarasin (from 78 Shenton Way Robinson 77) and Citic Bank International (from Demand for office space returns to Prudential Tower). China Trust is also understood more active levels In general Raffles Place has seen healthy to have leased at least 13,000 sq ft on level 33. activity. Coface Services has moved from City OUE Bayfront has appealed to those House leasing one floor in16 Collyer Quay. companies looking to combine aesthetics, KTB have also moved to 16 Collyer Quay from exclusivity, quality and location hence the Singapore Land Tower. Law firmSkadden financial institutions dominate the tenant Arps Slate Meagher & Flom has moved from mix for this scheme, so along with Bank of Suntec City to 6 Battery Road and Lion Global America/Merrill Lynch other new tenants here expanded in One George Street. include Bain & Company - 29,000 sq ft (from AXA Tower), Skandinaviska Enskilda Banken Robinson Road / Shenton Way has seen -15,000 sq ft (from Singapore Land Tower), reasonable activity. Mitsui & Co Asia Pacific Man Financial and law firm Allen & Overy. Other moved into 80 Robinson Road from Hong smaller tenants here include Browsprint Capital Leong Building and Mitsui & Co Energy moved and Citrix Systems from Suntec City. into the same building from SGX Centre. Kim Eng Securities has moved into Bank of Singapore Centre for the short term until their own building is ready in 2015. Moving out of AXA Tower is J Roger Preston who is relocating to The Gateway. On the edge of the financial district Executive Ship Management has moved from UIC Building Shell House to 78 Shenton Way, Evergreen Shipping has moved from RCL Centre to Southpoint and TGM Ocean Financial Centre has attracted those Shipping moved from Cecil House to Anson companies that wish to remain in a 100% House. Intercall has moved from Tower Fifteen prime Raffles Place location and quite a few to 150 Cantonment Road. BDO leased 24,000 of their new tenants were previously tenants sq ft in Royal Merukh SEA Building at 21 of Ocean Towers (same developer) including Merchant Road, moving from Jit Poh Building. Drew & Napier, Verizon Communications and Close by Shell House @ UE Square has iFast. Other tenants who have moved here attracted Research in Motion (aka Blackberry) as include law firms K & L Gates, Stamford Law a new tenant leasing 20,000 sq ft, moving in from and Freehills along with recruitment specialist The Synergy at International Business Park. Also Spencer Stuart from Republic Plaza. moving into UE Square is shipping company 80 Robinson Road Tatsumi Marine. Summary of Major Relocations 2011/12 Company New Building < Previous Building Size sq ft Company New Building < Previous Building Size sq ft Citibank Asia Square Tower 1 < Millennia Tower 250,000 Bank of America OUE Bayfront < Marina Bay 120,000 Google Asia Square Tower 1 < AXA Tower 150,000 Bain & Company OUE Bayfront < AXA Tower 65,000 White & Case Asia Square Tower 1 < Singapore Land Tower 35,000 Skandinaviska Banken OUE Bayfront < Singapore Land Tower 15,000 Julius Baer Asia Square Tower 1 < One George Street 65,000 Visa International 71 Robinson Road < 16 Collyer Quay 55,000 Bank Sarasin Asia Square Tower 1 < 77 Robinson Road TBC Partners Group 71 Robinson Road < Robinson Centre 20,000 Marsh & McLennan Asia Square Tower 1 < China Square Central 100,000 Clifford Chance MBFC Tower 3 < One George Street 30,000 Lloyd’s of London Asia Square Tower 1 < One George Street 65,000 RIM (Blackberry) Shell House, UE Square < One George Street 20,000 Citic Bank International Asia Square Tower 1 < Prudential Tower 15,000 Tata Consultancy Mapletree Anson/Changi Biz Park < UIC Building 30,000 BNP Paribas Ocean Financial Centre < Tung Centre 150,000 Lion Group One George Street < Expansion 15,000 ANZ Bank Ocean Financial Centre < OUB Centre 200,000 John Wiley & Sons Solaris @ One North < Parkview Square 68,000 Drew & Napier Ocean Financial Centre < Ocean Towers 100,000 Nike Singapore Mapletree Business City < Suntec & Eightrium 100,000 Allen & Overy Ocean Financial Centre < Clifford Centre TBC Novartis Mapletree Business City < Keppel Towers TBC RENTALS Stable leasing market with modest rental growth With supply of top quality office space increasing, Still, the growth in rates has been noticeable with average top prime rates rental growth this year has been restricted to single now around $13.00 per sq ft. Ocean Financial Centre and Asia Square Tower 1 are the most expensive new developments at between $14.00 digits other than brand new schemes/developments and $16.00 per sq ft. However, the rate of rental increases is slowing and this bodes well for future stability of the and we are still 40% off the previous peak of $22.00 per sq ft in Q2/Q3 of Singapore office market. There was a widening gap 2008. The prospects are for rents to plateau off so there is little danger of reaching those levels again anytime soon. between the rental expectations of landlords and what tenants were prepared to pay and this firmer In Raffles Place, rentals range from $10.00 to $13.00 per sq ft and most buildings in Robinson Road/Shenton Way range from $8.00 to $9.00 per resistance from occupiers coupled with increased sq ft. There are very few buildings inside the CBD where the asking rate choice quelled any escalation of rentals. is less than $7.00 per sq ft and even Beach Road is up to around $8.00 to $8.50 per sq ft. The median rate for Suntec City is around $9.00 - $10.00 per sq ft whilst Millennia Tower/Centennial Tower are approximately $11.00 - $12.00 per sq ft. Orchard Road has always held its rates well with Winsland House quoting $13.00 per sq ft and Wheelock Place $14.50 per sq ft. Ngee Ann City and Wisma Atria both stand at $11.00 per sq ft, Shaw Centre is $7.50 per sq ft and Triple One Somerset at $9.50 per sq ft. Plaza By The Park now commands $8.50 per sq ft and Raffles City Tower is $11.50 per sq ft. Premium Range $12+ psf Republic Plaza Capital Square 9 Raffles Place 23 Church Street Units from 1,500 - 9,500 sq ft Units from 4,144 - 30,000 sq ft One Raffles Place Tower 1 Tung Centre 6 Battery Road 1 Raffles Place 20 Collyer Quay Units from 1,000 - 12,000 sq ft Units from 1,001 - 29,000 sq ft Units from 1,000 - 22,500 sq ft P i c k e r i n g S t C r o s s S New Developmentst t Dr Connaugh P e k i n C S h t t a S u t hin l Club S C ia C S t h u r c y St h o Am S Singapore t 1. OUE Bayfront River Dr Telok Ayer ade lan One Raffles Place Esp Tower 2 Completed in June 2011 this t Fullerton y S B mo A Raffles Place a t Hotel t e r premium Grade A 18-storey y St yer A R Telok d office development provides a t ley S Rd Stan n rto total floor area of approximately lle Fu 3 500,000 sq ft. The average floor d son R Robin Ocean plate size is around 26 - 30,000 sq B o o Financial ft and the scheme has attracted n uay Q T les M a Raff Centre c t C 1 St a tenants such as Merrill Lynch, Allen l l u m l Link el S Maxw t One Raffles OUE & Overy, Skandilda Banken and Quay Bayfront Citrix Systems Singapore.
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