Low Yen Ling on higher rents for office space
More than 530,000 square metres of new office space is expected to be completed in Singapore by 2025. That is about 40 per cent higher than the past three years combined and will help cater to demand and moderate rent increases over time. Minister of State for Trade and Industry Low Yen Ling said this in Parliament on Monday (May 8). She said the rental index for office space in Singapore has risen by an average of 1.35 per cent a year in the past three years. However, rent remains below the historical peaks in 2008 and 2015. Over the same period, the vacancy rate has remained stable at 11 per cent to 13 per cent. Ms Low said rent “continues to comprise a modest proportion of overall business costs for most sectors”. She said the Government will continue to monitor the market and is committed to ensuring Singapore’s competitiveness and attractiveness as a business destination. She was responding to an MP’s questions.
More than 530,000 square metres of new office space is expected to be completed in Singapore by 2025. That is about 40 per cent higher than the past three years combined and will help cater to demand and moderate rent increases over time. Minister of State for Trade and Industry Low Yen Ling said this in Parliament on Monday (May 8). She said the rental index for office space in Singapore has risen by an average of 1.35 per cent a year in the past three years. However, rent remains below the historical peaks in 2008 and 2015. Over the same period, the vacancy rate has remained stable at 11 per cent to 13 per cent. Ms Low said rent “continues to comprise a modest proportion of overall business costs for most sectors”. She said the Government will continue to monitor the market and is committed to ensuring Singapore’s competitiveness and attractiveness as a business destination. She was responding to an MP’s questions.
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