According to most recent information released from property consultant firms, workplace rental fees in prime Central Business locations had fallen for the first time in 9 straight quarters of growth. More drastic downwards trend is forcasted. Lease in Marina Bay experienced the sharpest fall of 16.7 % quarter on quarter to $11.01 each square feet (psf) a month, while the rents in Asia Square dropped from $14– $15 psf to $11 psf per month.
Total lease for Quality Grade A office in the CBD had went down 6.3 % from last quarter to $9.77 psf monthly in Q2, from the current data launched by Cushman & Wakefield. This figure is quite a big drop. Financial institutions and also technology firms are beginning to transfer their offices to business parks instead, thus driving the demand down for CBD area. Info from http://www.sturdeeresidence.co/ show more specific tables.
For example, banks like Standard Chartered had lately surrendered 4 of its 24 levels at Marina Bay Financial Center Tower 1, and shift it's operations to Changi Business Park. This piece of huge land at far eastern Singapore is one of the biggest plot recently released into the market. Again, we had seen big player like Microsoft had also transfer their Singapore operating office to far away business parks rather than in previous prime CBD location.