Commercial properties saw an increase in prices and rentals in the fourth quarter of 2010, said the Urban Redevelopment Authority (URA).
Office space prices surged 5.1 percent in Q4 2010, down from the 6.2 percent growth in the previous quarter. For the full year 2010, office space prices surged 18.9 percent.
Overall rentals for office space climbed 4.7 percent in Q4, against a 6.0 percent growth in Q3. Office space rents for the whole year 2010 jumped 12.6 percent.
As of Q4 2010, there was around 1.06 million sq m of gross floor area (GFA) of office space in the pipeline, of which 960,000 sq m is likely be completed any time from 2011 to 2014.
For the shop space segment, prices grew 1.4 percent in Q4, higher than the 1.3 percent increase in Q3. Shop space prices for the full year 2010 leapt 8.6 percent.
Overall rentals for shop space increased by 1.7 percent in Q4, up from Q3’s 0.8 percent increase. For the whole year 2010, shop space rents grew 2.9 percent.
As of end Q4, there was 328,000 sq m GFA of shop space from projects in the pipeline, of which 295,000 sq m is likely be completed any time from 2011 to 2014.
In the industrial sector, prices and rentals of multiple-user factory space in Q4 went up 6.3 percent and 3.4 percent respectively, compared to the previous quarter’s 8.8 percent and 5.3 percent respective increases in prices and rentals. For the full year 2010, multiple-user factory space saw a 23.7 percent and 11.7 percent increase in prices and rents respectively.
As of end Q4, there was 2.67 million sq m GFA of factory space from projects in the pipeline, which are expected to be completed any time from this year to 2014.
Source: Commercial Guru
