(Oct 30): When it comes to renting an office in downtown Singapore, the tables have turned.

Landlords now have the upper hand in rental negotiations, with leasing rates in the city-state’s prime business districts rising at the steepest pace in more than four years. And with both demand accelerating and supply dwindling, rents are forecast to remain firm until at least 2022, when new supply is expected to come into the market.

An index published by the Urban Redevelopment Authority that tracks rents for Singapore’s central area rose by 3% in the three months ended Sept. 30 from the previous quarter, the biggest jump since the June quarter of 2014. Grade A office rents are expected to rise by 11% this year and 9% in 2019, according to Cushman & Wakefield Inc.

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