SINGAPORE (Mar 19): Prime office rents are advancing steadily at the moment, with many landlords becoming increasingly bullish about the medium term. Asking rates per month for top-grade prime office buildings now average $12.50 to $13 psf, with many of the premium buildings quoting the same rates. Bottom-line effective rates now range between $11 and $12 psf.

At Raffles Place, effective rents now average $8.50 to $10 psf, except at buildings such as 6 Battery Road, Ocean Financial Centre (OFC) and OUE Bayfront, where rents are closer to $12 psf. On the fringe of Raffles Place, rents range from $7.50 to $9.50 psf. Rates at Robinson Road/Shenton Way are also firming up because there has been so much activity. Before, there was ample choice for premises leased around $6.50 psf, but now options range from $7 to $8.50 psf.

Tanjong Pagar has quite a wide spread of rates, with effective rents ranging from $6.50 to $8.50 psf. Beach Road-Marina Bay-Suntec has the widest spread of all locations, ranging from $6.50 to $6.80 psf effective for The Concourse and The Gateway to $12 psf for Centennial Tower and Millenia Tower. In the medium range, there is Suntec City, where rent is around $8.50 psf, and DUO Tower, where rent is from $9 psf, depending on size.

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