Singapore’s offices ‘high up on value chain’, says JLL

angela.teo@bizedge.com

Singapore’s premium office space is value-for-money, according to JLL’s latest report on premium office rents across global rental locations. Among the 20 Asia-Pacific premium office locations tracked by JLL, Singapore, with rents of US$84 psf ($113 psf) a year, is ranked 14th in terms of rental cost psf.

Premium office rents in Hong Kong’s Central were found to be the most expensive worldwide at US$323 psf a year. This was followed by Midtown in New York at US$194 psf a year and London’s West End at US$193 psf a year. Comparable buildings in New York’s Midtown and London’s West End were found to cost nearly 70% less than those in Central, Hong Kong.

Meanwhile, the most affordable locations for premium office space worldwide were Kuala Lumpur (US$30 psf a year), Manila (US$35 psf a year) and Bangkok (US$35 psf a year).

 

Exterior of NTUC Centre

 

Asian cities in general were found to be home to the world’s most expensive premium office space, with rents coming in at an average of US$111 psf a year, higher than the Americas (US$85), and Europe, the Middle East and Africa combined (US$78).

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