Singapore Offsets Fewer Bankers as Vacancies Tumble: Real Estate
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Singapore’s office landlords, long dependent on banks, are broadening their tenant base to soak up empty space as the commercial property market inches toward recovery after a three-year slump in rents.
Rents in the best buildings may start to rise this year, according to brokers CBRE Group Inc. and Cushman & Wakefield Inc. Vacancies in the city-state fell to 5.1 percent in the first quarter, the lowest since September 2008, from the previous three months, CBRE said. Annual new supply will be 38 percent lower than in the past 20 years, CapitaCommercial Trust forecasts.