Property: Office rents continued to trend upwards in 1Q2011 with prime rents avging $8.60 psf per month over $8.30 in 4Q2010 an increase of 3.6%qoq. Growth in secondary areas at fringe of CBD rose faster at 9.6%qoq to $6.85 psf per month…
Rents are expected to trend upward over nxt 3 to 4 yrs with low likelihood of spikes or sharp corrections with estimates of 10-12% rental growth. However, they are likely to moderate in the later half of the year due to 1.7m sq ft of new space being completed by end 2011. An estimated 8m sq ft of office space is targeted for completion from 2011 to 2015 of which 75% is Grade A space.
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