Pursuits
Singapore High-Rise Office Rents Decline 7% as Demand Slows
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.
Singapore landlords are paying the penalty for a slowing economy. Alone among the world’s major cities, the cost of renting an office with panoramic views is falling as supply outstrips demand.
Annual rents on the upper floors of Singapore’s skyscrapers fell 7 percent to about $775 a square meter in the first six months, according to a 23-city index compiled by Knight Frank LLP. The biggest increase was in Shanghai, where rents climbed 7.6 percent to $774. In Hong Kong, the most expensive market, rents rose by 5.9 percent to $2,996 a square meter, the broker said.