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A Review of the Singapore Office Market

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A Review of the Singapore Office Market April 2015 Singapore | Hong Kong The Office A review of the Singapore office market All new developments have been Index particularly successful Page Overall CBD vacancy rate is around 4.25% 02 Rental Table - Asking Rents 03 Top Prime Offices Supply of new office space over next 18 04 Financial District - Upper Mid-Range/Prime months will be limited 05 Financial District - Economy/Mid-Range The Gateway 06 Value for Money / Edge of CBD Rentals grew by 9.5% in 2014 and are 07 Orchard Road expected to advance further in 2015 08 Decentralised / Business/Commercial Corporate Locations (S) Pte Ltd License No. L3010044A T +65 6320 8355 / [email protected] / www.corporatelocations.com.sg Rental Guide - Summary of Asking Rates Raffles Place / Marina Bay Tanjong Pagar Edge of CBD 6 Battery Road $9.50/$15.00 Finexis Building Full 78 Shenton Way $7.80 Alfa Centre $7.00 20 Collyer Quay $12.00 - $14.00 GB Building $7.00 79 Anson Road $8.00 Boon Siew Building Full 55 Market Street $8.50 Grace Global Raffles Full ABI Plaza Full Central Plaza $7.50 Asia Square Tower 1 $18.00 Great Eastern Centre $10.00 Amara Corporate Tower TBC Goldhill Plaza Full Asia Square Tower 2 $18.00 Hong Leong Building $9.50 Anson Centre Full Newton 200 Full Bank of China Building Full Keck Seng Tower $7.00 - $7.50 Anson House $9.50 Novena Square A $9.50 Bharat Building $8.00 PIL Building $8.00 AXA Tower $9.50 Novena Square B Full Bank of Singapore Centre $10.50 PWC Building $9.50 Fuji Xerox Towers $7.50 - $8.50 Rex House Full Chevron House $9.50 Prudential Tower $10.50 Hub Synergy Point Full SLF Building $5.00 Clifford Centre $8.50 Robinson 77 $8.50 International Plaza $6.50 - $7.50 The Metropolis Tower 1 & 2 $8.50 Income@Raffles Full Robinson 112 $7.50 Jit Poh Building $6.50 United Square $9.00 Maybank Tower Full Robinson Centre $8.50 Keppel Towers $7.00 MBFC Tower 1, 2 & 3 TBC Robinson Point Full Mapletree Anson $9.00 OCBC Centre $9.50+ Samsung Hub $10.00 MAS Building Full West / Others OCBC Centre East $9.80 SGX Centre $9.00 St. Andrew’s Centre Full Ocean Financial Centre $15.00 SIF Building Full Southpoint Full Alexandra Point $7.50 One Finlayson Green Full Shenton House $5.00 - $6.00 Springleaf Tower $8.00 - $8.50 Alexandra Techno Park* $4.50 One George Street $12.00 The Globe Full Tower Fifteen $7.50 Harbourfront Centre $7.20 - $7.80 One Marina Boulevard Full The Octagon $6.00 - $6.50 Twenty Anson $9.00 Harbourfront Tower 1 $7.80 One Raffles Place Tower 1 $11.00 - $13.50 Tokio Marine Centre $8.50 Harbourfront Tower 2 $6.20 - $7.50 One Raffles Place Tower 2 $10.50 - $13.50 Tong Eng Building Full Harbour Link TBC One Raffles Quay North Tower $15.00 City Hall / Marina Centre / Beach Road International Business Park (Jurong)* $4.50 OUE Bayfront $16.00 JEM $6.20 RB Capital Building $8.50 Orchard Road / Dhoby Ghaut 11 Beach Road $7.00 Keppel Bay Tower $9.00 Republic Plaza 1 $11.00 - $13.00 30 Hill Street Full Mapletree Business City* Full Republic Plaza 2 Full 50 Scotts Road Full 67 High Street Full New Tech Park* Full Royal Group Building Full 51 Cuppage Road $8.50+ Bugis Junction Towers Full Pacific Tech Centre* $3.55 Royal One Phillip $10.00 182 Clemenceau Ave $7.50 Centennial Tower $15.50 PSA Building $7.50 - $8.00 Singapore Land Tower $11.00 Albert Complex Full Millenia Tower $15.50 PSA Vista $4.80 Straits Trading Building $10.50 Burlington Square Full Odeon Tower $9.50 Singapore Science Park I, II & III* $4.50 The Arcade $7.70 Faber House $9.50 One Raffles Link Full Sime Darby Business Centre* Full UOB Plaza 1 $13.50 Fortune Centre &5.80 Parkview Square $8.50 Tech Point* $3.20 UOB Plaza 2 $12.00 Forum $8.00 Peninsula Plaza $6.50 The Signature* $3.70 - $4.00 Goldbell Towers $9.50 Raffles City Tower $12.00 UE BizHub East* $4.50 Haw Par Centre $7.00 Shaw Tower $6.40 - $6.70 Westgate $6.50 - $6.90 Robinson Road / Shenton Way Haw Par Glass Tower $4.80 South Beach Tower $13.00 International Building $8.50 Stamford Court $8.00 4 Robinson Road $8.00 Liat Towers $10.00 Suntec Towers 1-3 $9.00 - $12.00 East 6 Raffles Quay $8.50 - $9.50 Manulife Centre $8.80 Suntec Towers 4-5 $10.00 - $12.00 60 Robinson Road Full Ngee Ann City $12.00 The Adelphi $7.20 Abacus Plaza $5.50 71 Robinson Road $9.00 Orchard Building Full The Concourse $8.50 AIA Tampines TBC 80 Robinson Road Full Palais Renaissance $9.20 The Gateway East and West $8.50 Changi Business Park* $4.50 120 Robinson Road $8.00 Park Mall $7.80 Cisco Centre II Full 135 Cecil Street $8.00 Regency House $8.00 CPF Tampines Building $5.40 137 Telok Ayer Street $8.00 Shaw Centre $8.00 Chinatown / River Valley Road KA Centre* $3.20 146 Robinson Road $5.50 Shaw House $9.00 KA Place* Full 150 Cecil Street $6.50 Singapore Pools Building Full Central $9.80 NTUC Tampines Junction $5.80 158 Cecil Street $8.80 Sunshine Plaza $7.00 Central Mall $5.50 - $7.80 NTUC Tampines Point $5.50 AIA Tower Full Tanglin Shopping Centre $6.50 Chinatown Point $6.00 - $6.50 Parkway Parade Full ASO Building Full The Atrium@Orchard Full Great World City East $7.80 Singapore Post Centre $6.50 Bangkok Bank Building Full The Bencoolen $7.00 Great World City West $7.80 Tampines Concourse $5.50 CapitaGreen $16.00 - $18.00 The Heeren $12.00 King’s Centre $7.00 Tampines Grande $6.20 Capital Square $11.00 The Paragon Full Royal Merukh S.E.A. Building Full Tampines Plaza Full Capital Tower POA Thong Teck Building Full UE Square $8.00 Techlink* $3.20 Cecil Court $6.50 Tong Building $8.00 Valley Point $8.00 Technopark@Chai Chee* $3.50 China Square Central $9.50 TripleOne Somerset $9.50+ Tech View* $3.20 City House $7.80 - $8.50 VisionCrest Commercial $11.00 CPF Building $7.30 Wheelock Place $15.00 * Light industrial space Far East Finance Building Full Wilkie Edge Full Far Eastern Bank Building $6.50 Winsland House 1 & 2 $13.00 Wisma Atria $12.00 All rents quoted are asking rental rates and subject to change without prior notice Contact Our Senior Team Members Douglas Dunkerley Edmund Goh Darren Ng Ellynn Yap John Lee Director Director Senior Manager Sr. Marketing Executive Sr. Marketing Executive CEA Reg No. R030779G CEA Reg No. R030777J CEA Reg No. R022103E CEA Reg No. R050491F CEA Reg No. R016701D T +65 6391 5200 T +65 6391 5201 T +65 6391 5209 T +65 6391 5212 T +65 6391 5211 [email protected] [email protected] [email protected] [email protected] [email protected] ‘Finding Office Space For You, With You’ Disclaimer The information in this publication should be regarded as a general guide only. Whilst every 100 Beach Road, #17-07 Shaw Tower, Singapore 189702 care is taken in it preparation, no representation is made or responsibility accepted for its accuracy or completeness. The rentals mentioned are neither T +65 6320 8355 asking rentals nor rentals agreed by property owners, but only represent the writers views on estimated www.corporatelocations.com.sg rentals and is intended as reference only. Top Prime Offices 03 *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure $14.00 psf* $13.00+ psf* Units from 3,100 – 29,000 sq ft Units from 4,000 – 40,000 sq ft OUE Bayfront Collyer Quay One Raffles Quay North Tower Top quality office tower on edge of Raffles Place Average floor size 22,000 sq ft New tenants include Cargill Group, Bordie & Cie, SK Energy and Jardine Lloyd Thompson $15.50 - $16.00+ psf* $14.00 - $15.00 psf* Units from 1,824 – 136,000 sq ft Units from 3,000 – 19,666 sq ft Marina Bay Financial Centre Tower 3 CapitaGreen Market Street, Raffles Place MBFC Tower 3 Marina Bvld, New Downtown One Raffles Place Tower 2 Asia Square Towers 1 & 2 World Class Office Amentities include 5 star hotel, leisure centre, food court & link to MRT Average floor size 30,000 - 35,000 sq ft $11.50 - $12.00 psf* $12.00+ psf* Units from 3,896 – 11,668 sq ft Units from 4,650 – 21,711 sq ft One Raffles Place Tower 2 Ocean Financial Centre Raffles Place $14.00 - $15.00+ psf* Units from 2,300 – 100,000 sq ft Asia Square Towers 1 & 2 12 Marina View, New Downtown Ocean Financial Centre Financial District - Upper Mid-Range / Prime 04 *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure $9.50 - $10.50 psf* $9.50 psf* Units from 1,050 – 12,045 sq ft Units from 3,000 – 27,000 sq ft Bank of Singapore Centre Suntec City Twrs 1- 4 Temasek Boulevard Bank of Singapore Centre Raffles Place $10.80+ psf* Units from 1,200 – 13,000 sq ft Republic Plaza 1 Republic Plaza 1 Raffles Place $10.00+ psf* $11.00+ psf* $10.00+ psf* $10.00 psf* Units from 1,119 – 6,283 sq ft Units from 1,316 – 7,621 sq ft Units from 3,000 – 15,600 sq ft Units from 10,000 – 65,000 sq ft OCBC Centre Chulia Street / Raffles Place UOB Plaza II Raffles Place South Beach Tower Beach Road Capital Tower Robinson Road Demand All new developments have been particularly successful Demand for new office space in Singapore Lloyds of London (74,000 sq ft), SK Energy On the edge of the CBD, K Line Logistics Vista has leased further space to American has been robust over the last twelve months, (20,000 sq ft), ACE Insurance (38,000 sq ft), has leased a floor atABI Plaza and Baker Eagle Tankers (from Keppel Bay Towers) with the new developments both inside and Apple taking up an estimated 35,000 sq ft.
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