Office rents in Singapore climbed to a 10-year high in the first quarter amid constrained new supply and solid leasing demand, according to Jones Lang LaSalle Inc. Rents should rise 10% in 2019, following a jump of 12.4% last year, according to Bloomberg Intelligence.
The top five buyers in Singapore’s commercial property market were:
Gaw Capital, Hong Kong Bouwinvest, Netherlands CPP Investment Board, Canada LaSalle, US Logos Property Services, Australia
Total investment volumes across Asia Pacific slumped 36% year-on-year. China’s economic slowdown, its trade tensions with the US and a global downturn in demand for consumer products took their toll on transactions.
The subdued activity from a regional perspective may change over the course of 2019 as low global interest rates spur dealmaking. The number of pending deals is high in markets such as Hong Kong, India and China, RCA noted.
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