Demand for office space in S'pore expected to increase<\/p>\n
SINGAPORE (Reuter): Demand for office space in Singapore is
\nexpected to be robust, allowing rentals to move up in 1996,
\nproperty consultant Jones Lang Wootton (JLW) said yesterday at a
\nseminar on construction and property.<\/p>\n
\"The outlook for the office market is less buoyant compared to
\nthe heady rises in rentals and capital values in 1994 and the
\nfirst half of 1995,\" JLW executive director Steven Choo said.<\/p>\n
\"However, there is still upside potential as demand is
\nexpected to be robust,\" he said.<\/p>\n
New office supply for 1996 was projected at 2.5 million sq ft
\n(232,250 sq meters), 39.5 percent of which was located within the
\nCentral Business District (CBD).<\/p>\n
Choo said high occupancy would pressure rentals to move
\nupwards despite the completion of large office projects such as
\nSuntec City Towers 1 and 2 and Millennia Tower.<\/p>\n
The Singapore office market was still in the upward phase of
\nthe property cycle and was likely to continue to grow but at a
\nmoderate pace, he said.<\/p>\n
\"While overall office occupancy costs have gone up
\nsignificantly since the beginning of 1994, office rentals in
\nSingapore are still relatively competitive on a global basis.<\/p>\n
\"As at end-September, prime office occupancy costs in Hong
\nKong stood at US$109 per sq ft (psf) per annum compared to
\nSingapore's US$80 psf.<\/p>\n
In Tokyo, the average annual office occupancy cost stood at
\nUS$121 psf.\"<\/p>\n
Emerging office hubs in regional and sub-regional centers
\noutside the central business district were also gaining in
\npopularity.<\/p>\n
\"Despite the emergence of new office hubs, future office
\ndemand in the next four to five years is likely to outstrip
\npresent supply in the city,\" Choo said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/demand-for-office-space-in-spore-expected-to-increase-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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