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While Singapore’s overall economy grew at a slower pace of 1.9% y-o-y in 4Q2018, the office-using sectors expanded at a faster rate. The finance & insurance sector grew 4.1% y-o-y, and the information & communications sector expanded by 6.1% y-o-y. This led to office-using employment increasing by 6,500 workers during the quarter.
Rental Growth to be Sustained. Click on the Download button for more information on the:
Asia Pacific Economy
Outlook bright but headwinds grow
The region's economy remains resilient in the face of new challenges with 2017's momentum carrying on. Economic sentiment is favourable with data releases pointing to a continued healthy performance despite equity market instability and ramping up of protectionist rhetoric.
Although trade tensions have dominated headlines in the early part of the year, as the US looks to impose new tariffs on imports, most economists still believe that the probability of a full-blown trad war is low at this time.
Download the Report Read MoreIn Q1 2018, the average Grade-A office rent dropped to RMB9.6 per sqm per day (see Table 1).
Due to weak leasing demand and the huge amount of new supply, the overall Grade-A office vacancy rate increased 1.8 percentage points to 6.1% quarter on quarter (Q-o-Q) (see Table 1).
With the departure of some major tenants...
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