Singapore Office Tenants Get Upper Hand as Rental Decline Begins
- Rents to fall as much as 7% in 2015, further 8% in 2016: DTZ
- Rents dropped 4.1% in third quarter to S$10.40 per square foot
Commercial buildings in the central business district stand near Marina Bay in this aerial photograph taken above Singapore.
Photographer: Darren Soh/BloombergThis article is for subscribers only.
The tables have turned when it comes to Singapore’s downtown office rents.
Tenants will now be getting the upper hand at rental negotiations as leasing rates posted their first quarterly drop since 2012, according to DTZ Holdings Plc. With both demand and the city-state’s economy slowing, the pace of decline is set to accelerate.