14th September, Friday
Commercial
Office rents expected to face further decline Source: Business Times Office rents in Raffles Place are expected to decline by 12-15 per cent in 2012 and 2013, before returning to growth in 2014. While demand has held up well in Singapore, largely thanks to foreign corporates keen to capitalise on growth in South-east Asia, landlords remain under pressure to reduce rents because of still-cautious demand and rising shadow space, said a report released Thursday. Specifically, sectors that are expanding in Singapore include legal firms, social media firms, insurance and medical research companies.
Link to the story: http://www.businesstimes.com.sg/print/230964
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