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Office Singapore

August 2021


Reihe: Savills Market in Minutes

Anbieter: Savills

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  • Erscheinungsdatum : 01.08.2021
  • Seiten : 4 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 1,34 MB
  • Sprache(n) : Englisch

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Effective rent decline slows to a crawl

  • Office leasing activity has continued to increase from a year ago with more companies choosing to renew their leases in Q2/2021 as many lack budgets for fit outs should they move to new premises.
  • Most existing tenants are re-evaluating their leases to right-size their office footprint. As firms renegotiate their rents and reduce their office space, the total value of rental contracts shrank in Q2/2021 from the same period last year, albeit leasing volumes were higher.
  • While Chinese and tech firms continue to support overall occupier demand for good quality offices in highly soughtafter locations, the new take-up mostly involved smaller offices compared with the larger scale office space required by former tenants. As such, overall vacancy stayed flat at 7.3% in Q2/2021.
  • The new leases signed by the Chinese and tech firms who expanded their footprint in high-quality and well-located offices were likely to have signed at a slightly higher rent. Compared to Q1/2021, the average gross effective rent in the basket fell at its slowest since 2019, down by 0.4% quarteron- quarter (QoQ) to S$9.37 psf.

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