The strong rental growth in the third quarter comes on the back of low vacancy levels in the city-state, the real estate consultancy says.
SINGAPORE: Office rental rates in Singapore grew 3.5 per cent from the previous quarter in the third quarter of the year, the fastest growth in Asia, Jones Lang LaSalle said.
The strong rental growth comes on the back of low vacancy levels in the city-state, the real estate consultancy said in a report released on Wednesday (Nov 19).
Office rents in Tokyo, Beijing and most emerging South-east Asia markets grew by 1 to 2 per cent quarter-on-quarter, while Hong Kong saw marginal growth of 0.4 per cent driven by the top end of the market, the report said.
In the Asia-Pacific region, New Zealand saw strong rental growth in the third quarter as well, with rents in Auckland and Wellington growing between 3.8 per cent and 4.6 per cent from the previous quarter.
Over the next 12 months, the strongest rental growth in Asia Pacific is likely to be seen in Tokyo, Beijing and Auckland, Jones Lang LaSalle said, adding that the growth rate in Singapore will likely slow sharply due to upcoming supply.
- CNA/cy
Source: Channel NewsAsia (19 Nov 2014)