Office Rents to Surpass Pre-pandemic Peak in 3Q2022 by JLL
Grade A workplace rental fees in the CBD grew by 2.7% q-o-q in 2Q2022 to reach $10.74 psf per month, according to a JLL workplace report released on June 29. This notes a 5th successive quarter of development, in addition to the largest growth since rental fees recoiled in 2Q2021.
Workplace rents have now recuperated to simply 0.6% listed below the pre-pandemic optimal of $10.81 psf, according to JLL.
The strong efficiency during the quarter was underpinned by climbing organization confidence as well as the leisure of risk-free administration procedures, as all employees were permitted to return to the workplace from April 26.
” Expansions and brand-new set-ups much outweighed work environment downsizing, leading to 2Q2022 web absorption of CBD Grade An office space– at 0.6 million sq ft– reaching the greatest in 17 quarters, notes Tay Huey Ying, JLL Singapore’s head of study and also consultancy. Therefore, office vacancy …
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