SINGAPORE, July 22 — Singapore office rents declined at a faster pace in the second quarter as an oversupply and weak demand curbed prices sought by landlords.
A gauge of office rents fell 3.5 per cent in the three months ended June, data today from the Urban Redevelopment Authority showed. That’s more than the 2.1 per cent drop in the first quarter and the fifth decline in a row. Residential rents fell for an 11th quarter.
Demand for office space is being dented as slowing global growth is affecting Singapore’s export-driven economy and more offices are coming to the market. In the home sector, the government has signaled it is reluctant to lift property tightening measures it brought in over the last seven years as it wants to avoid overheating the market again.
Residential rents dropped 0.6 per cent, slower than the 1.3 per cent slide in the first three months of the year, according to the data.
The price index for residential properties fell 0.4 per cent in the second quarter, the data show. That’s unchanged from preliminary figures published on July 1. — Bloomberg
