October 2012 a Review of the Singapore Office Market Recent

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October 2012 a Review of the Singapore Office Market Recent October 2012 Singapore | Hong Kong The Office A review of the Singapore office market Visit our new website: Recent Clients Club Med (Singapore HQ) (Valley Point) E-Sun Bank (Asia Square) Asahi Group Holdings (The Central) Trafigura (Ocean Financial Centre) Bang & Olufsen Reg HQ (AIA Tower) Reyl Singapore (MBFC Tower 2) Germanischer Lloyd (Haw Par Centre) BBAM (Babcock & Brown) (UOB Plaza II) SAC Capital (AIA Tower) Nissho Odyssey (Valley Point) Jasper Drilling (Harbourfront Tower 1) www.corporatelocations.com.sg Ensco Asia Pacific (Suntec City T 5) Air Liquide (Republic Plaza) Also interested in Hong Kong office space? The information in this publication should be regarded as a general guide only. Whilst every effort has been made to take care in its preparation, no representation www.corporatelocations.com.hk 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 Raffles Place Supply / Demand Raffles Place, the long standing established core of the prime office Ferris Recruitment and ATC Trustees Singapore (from UOB Plaza 1) as market, has been seeing mixed fortunes over the last 9 months with the new tenants. Maybank Tower has leased floors to Valpes Investment and critical mass of supply shifting towards the new Downtown area. Activity Recheer Resources. New tenants to Chevron House include Graydon has been patchy with some buildings leasing well and others less so. Capital, Swisslinx and Bentley Systems. 6 Battery Road has been particularly active and Capitaland have done an On the supply side Tung Centre has ample space available with good sea excellent job of retaining their tenants whilst undertaking major renovation views although the rates are still reasonably high. There is a good choice on a floor by floor basis, by moving them within the building onto floors of units available in Chevron House and One Raffles Place Tower 1, and that were renovated earlier. New tenants to the building include Mayer 6 Battery Road is still a popular choice despite the rates and the ongoing Brown JSM, RHT Law Taylor Wessing (2 whole floors) and Blue Crest refurbishment. One George Street is expected to be significantly affected Capital Management. Other tenants to relocate here recently include Open with more large tenants relocating to other buildings later this year. Text from Stamford Court and Fairfield Chemicals from Tung Centre. In Bank of Singapore Centre new tenants here include Banque Transatlantique, UFA Sports Asia and SNI Holdings. Another building Asking Rates per sq ft – Raffles Place / New Downtown that has been active is 16 Collyer Quay where CA Technologies have 16 Collyer Quay $10.50 One Marina Boulevard $10.00 leased several floors, Western Bulk has leased a floor here moving from 55 Market Street $8.00 One Raffles Pl Twr 1 $11.50 6 Battery Road and other new occupiers include JA Mitsui Leasing and 6 Battery Road $11-$12.00 One Raffles Pl Twr 2 $12-$12.50 Universal Wellbeing. One Raffles Place Tower 1 has attracted A2A, Asia Square Tower 1 $12-$14.00 One Raffles Quay $10.80 Hanghuo Energy, and Cava Shipping as new tenants. Bank of China Building Full OUE Bayfront $13.00 Bharat Building Full RB Capital Building $6.80 Other established buildings such as Singapore Land Tower has leased a Bank of Singapore Ctr $9.75-$9.90 Republic Plaza 1 $12-$13.00 whole floor to Forest Pine Group, and other units to Valartis Bank and law Chevron House $10.50 Republic Plaza 2 $10.00 firm Nabarro.UOB Plaza 1 has leased space to Agritrade International, Clifford Centre $8.50 Royal Group Building Full Tanoto Foundation and MRI Trading whilst UOB Plaza 2 has secured Equity Plaza $9.00 Royal One Phillip (One Philip St) Full BBAM Singapore (from 55 Market Street) and Singapore Petrochemical & Maybank Tower Full Singapore Land Tower $11.50 Energy as new tenants. MBFC Towers 1-3 $11-$13.00 Straits Trading Building $11.00 OCBC Centre $10.50 The Arcade $7.50 Some of the smaller buildings have been active OCBC Centre East $9.80 Tung Centre $13.00 Ocean Financial Centre $13.00 UOB Plaza 1 $11.00 Some of the smaller buildings have been active as well such as 55 One Finlayson Green $8.50 UOB Plaza 2 $10.50 Market Street, which has secured Chancery Law Corporation, Judd One George Street $11.00 $11.50 psf* $8.50 psf* Tung Centre Chevron House Collyer Quay 30 Raffles Place Units from 1,500 to 30,000 sq ft Units from 1,000 – 18,000 sq ft $11.50 psf* $10.50 psf* 6 Battery Road One Raffles Place Tower 1 Battery Road Raffles Place Units from 1,000 sq ft to 11,000 sq ft Units from 1,700 to 9,000 sq ft *all rates are a guide only on estimated effective rates Edge of Raffles Place Supply / Demand Whilst this area has generally been much more competitive in terms of In China Square Central space has been leased by WT Partnership rental than prime Raffles Place it is a little surprising to see that it is this (relocated from 2HR) and Grasshopper. In Prudential Tower new tenants location that has been hardest hit with a significant number of major include Kumon (relocating from One George Street), JM Financial, Berry tenants relocating to the major new developments. Schemes like One Maritime and Lianfeng International. George Street, Samsung Hub, China Square Central and Prudential Tower all lost their major anchor tenants to these new projects and have When AIA gave up a large swathe of space in AIA Tower the landlord taken some while to recover. was particularly pro-active in finding replacement tenants offering very competitive packages and new tenants here include Bang & There is now a wide choice of quality space available in these buildings Olufsen (regional HQ), Pine Bridge Investment and Absolute Asia Asset and is slowly being taken up. For example in Samsung Hub new tenants Management (relocating from The Central). Elsewhere on the fringe of here include Sage Publishing, Acuatico, Shagang International, Legal Raffles Place,PWC Building has attracted Century Tokyo Leasing as Standard and Ellis Munro Asset Management. a new tenant moving from The Corporate Office and Faithfull & Gould relocating from Cecil Court. $8.50 psf* $8.50 psf* Samsung Hub Prudential Tower 3 Church Street 30 Cecil Street Units from 1,200 – 26,000 sq ft Units from 1,000 – 22,000 sq ft $8.00 psf* $10-$10.50 psf* China Square Central One George Street 18 Cross Street George Street Units from 1,200 – 50,000 sq ft Units from 2,633 – 24,000 sq ft $9.00 psf* $6.85 psf* Capital Square AIA Tower 23 Church Street 1 Robinson Road Units from 2,659 – 30,000 sq ft Units from 1,900 sq ft – 8,000 sq ft *all rates are a guide only on estimated effective rates Robinson Road / Shenton Way Supply / Demand Leasing activity in this location has been sporadic with the newer Robinson 77 has secured several new tenants such as Nuvest buildings and those offering the best value attracting the most Capital, Canaccord Genuity and Briq. It also managed to attract tenants. DBS Tower II in particular has been busy filling in the Mizuho Corporate Bank at the beginning of the year. voids left by Deutsche Bank and DBS Bank and new tenants here include Royal Cheme International, KFW Ipex Bank, Core Robinson Centre has leased space to Walt Disney and Patni. Consulting Solutions, KMMT, Malacca Sourcing and Longitude 120 Robinson Road (previously known as Parakou Building) Engineering. Grayling Asia has also moved here relocating from has leased 2 floors with Patsystems and MAM each taking a floor. Shell House and IIFL have just moved in from Tung Centre. Sapient Singapore leased space in 158 Cecil Street. Asking Rates per sq ft – Edge of Raffles Place / Robinson Road / Shenton Way 4 Robinson Road Full Finexis Building $6.50 6 Raffles Quay $8.50 GB Building $7.80 60 Robinson Road $8.50 Grace Global Raffles $8.50 71 Robinson Road $8.50 Great Eastern Centre $9.50 80 Robinson Road $8.20 Hong Leong Building $9.20 120 Robinson Road $7.00 International Factors Building TBC 135 Cecil Street $8.00 Keck Seng Tower $7.50 137 Telok Ayer Street $6.50 PIL Building Full 146 Robinson Road $5.50 PWC Building $8.50 150 Cecil Street $6.50 Prudential Tower $9.50 158 Cecil Street $8.00 Robinson 77 $8.50 AIA Tower $8.00 Robinson 112 $7.50 ASO Building Full Robinson Centre $9.00 Bangkok Bank Building $6.00 Robinson Point $8.00 Capital Square $10.50 Robinson Towers TBC Capital Tower $9.80 Samsung Hub $9.00-$9.50 Cecil Court $4.50 SGX Centre $7.50-$8.50 China Square Central $8.50 SIF Building Full City House $8.00 Shenton House $4.00 $6.00 psf* CPF Building $7.20 The Corporate Office (Oxley Tower) $7.00 DBS Tower 1 $7.50-$8.00 The Globe $6.20 DBS Tower 1 DBS Tower 2 $7.50-$8.00 The Octagon $5.60 6 Shenton Way Far East Finance Building Full Tokio Marine Centre Full Units from 3,500 – 30,000 sq ft Far Eastern Bank Building $6.50 Tong Eng Building TBC $7.00 psf* $7.30 psf* 158 Cecil Street Robinson 77 Cecil Street Robinson Road Units from 3,700 – 9,000 sq ft Units from 3,552 – 11,755 sq ft $6.80 psf* $8.00 psf* DBS Tower 2 71 Robinson Road 6 Shenton Way Robinson Road Units from 2,500 – 16,324 sq ft Units from 3,563 – 20,000 sq ft *all rates are a guide only on estimated effective rates Tanjong Pagar Supply / Demand In this location AXA Tower has seen the most movement with World Trade Group leased space in Anson House and Simatech several tenants expanding within the building such as Clarkson moved from Southpoint to 79 Anson Road.
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