Singapore High-Rise Office Rents Decline by 7% as Demand SlowsBy
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…
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