Rents and prices of commercial space in Singapore fell at a faster cli

Rents and prices of commercial space in Singapore fell at a faster clip last year compared to 2015, with office vacancies rising to a near five-year high since Q1 2012 after some large projects were completed. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space have fallen more than 8 per cent in 2016, steeper than the 6.5 per cent drop for office rents and 4.1 per cent fall in retail rents in 2015.

The downward pressures are unlikely to go away just yet, given the impending supply and soft demand as the economy stays subdued, analysts say. But prices may be "stickier" as investors buoyed by private capital are still keen to scoop up commercial assets here, particularly offices, amid currently low interest rates.

Office rents fell for the seventh straight quarter, slipping by a further 1.8 per cent during the fourth quarter and fell 8.2 per cent for the whole year. Retail rents also maintained a declining streak since the start of 2015, sliding 1.2 per cent during the fourth quarter and 8.3 per cent for the whole year.

The full-year price declines of 2.8 per cent and 5.4 per cent for office and retail space respectively were also steeper than the 0.1 per cent and 0.8 per cent dips seen a year ago.

Rents and prices of commercial space in Singapore fell at a faster cli

Rents and prices of commercial space in Singapore fell at a faster clip last year compared to 2015, with office vacancies rising to a near five-year high since Q1 2012 after some large projects were completed. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space have fallen more than 8 per cent in 2016, steeper than the 6.5 per cent drop for office rents and 4.1 per cent fall in retail rents in 2015.

The downward pressures are unlikely to go away just yet, given the impending supply and soft demand as the economy stays subdued, analysts say. But prices may be "stickier" as investors buoyed by private capital are still keen to scoop up commercial assets here, particularly offices, amid currently low interest rates.

Office rents fell for the seventh straight quarter, slipping by a further 1.8 per cent during the fourth quarter and fell 8.2 per cent for the whole year. Retail rents also maintained a declining streak since the start of 2015, sliding 1.2 per cent during the fourth quarter and 8.3 per cent for the whole year.

The full-year price declines of 2.8 per cent and 5.4 per cent for office and retail space respectively were also steeper than the 0.1 per cent and 0.8 per cent dips seen a year ago.

Rents and prices of commercial space in Singapore fell at a faster cli

Rents and prices of commercial space in Singapore fell at a faster clip last year compared to 2015, with office vacancies rising to a near five-year high since Q1 2012 after some large projects were completed. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space have fallen more than 8 per cent in 2016, steeper than the 6.5 per cent drop for office rents and 4.1 per cent fall in retail rents in 2015.

The downward pressures are unlikely to go away just yet, given the impending supply and soft demand as the economy stays subdued, analysts say. But prices may be "stickier" as investors buoyed by private capital are still keen to scoop up commercial assets here, particularly offices, amid currently low interest rates.

Office rents fell for the seventh straight quarter, slipping by a further 1.8 per cent during the fourth quarter and fell 8.2 per cent for the whole year. Retail rents also maintained a declining streak since the start of 2015, sliding 1.2 per cent during the fourth quarter and 8.3 per cent for the whole year.

The full-year price declines of 2.8 per cent and 5.4 per cent for office and retail space respectively were also steeper than the 0.1 per cent and 0.8 per cent dips seen a year ago.