S'pore tops in office rental growth -Tops

Singapore tops in office rental growths according to the survey by property consultancy Jones Lang LaSelle (JLL). -- ST PHOTO: JOYCE FANG

OFFICE landlords here have much to cheer about after rises in third-quarter Grade A rents outshone gains in other Asia-Pacific business centres.

Singapore, along with Beijing, topped the table, according to a survey by property consultancy Jones Lang LaSalle (JLL).

Both recorded quarterly net effective rental growth of 10.9 per cent in local currency terms. This excludes outgoings such as maintenance fees and property taxes and aims to reflect the net rental income earned by property investors.

Gross effective rent measures the total occupancy costs paid by tenants.

Singapore was ranked fourth out of 26 Asia-Pacific cities in terms of net effective rent, with landlords getting an average of US$671 (S$870) per sq m a year, JLL said.

This level is behind those of Hong Kong, Tokyo and Mumbai, but above those of other regional business centres such as Ho Chi Minh City, Kuala Lumpur and Bangkok, which rank 6th, 21st and 22nd respectively.