Office rents in deep decline
Rents could fall from $12 per square foot a month in 2009 to $8 psf in 2010. -ST
Joyce Teo
Wed, Jan 07, 2009
The Straits Times
PRIME office rents are expected to fall by 30 per cent to as much as 40 per cent by 2010, said property consultancy Cushman & Wakefield.
The fall is due to office stock rising in tough times, a huge office stock inventory resulting from overwhelming optimism from developers back in 2006 and 2007 as well as falling employment growth rate.
The dramatic economic events of last year have produced a tough business environment.
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