The supply of car parking places has lagged far behind the growth in vehicle ownership, as developers built homes with higher profit margins at the expense of allocating space for vehicles.
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The work from home trend could be bad news for Singapore’s office landlords
In today’s roundup of regional news headlines, Knight Frank issues a bearish forecast for Singapore office rents, official figures show a cooling China housing market, and Hong Kong’s first major property launch of the year draws a horde of eager buyers.
Property consultancy Knight Frank is expecting office rents in Singapore to fall by around 5 percent in 2021 before bottoming out and recovering in the following year, barring new strains of the COVID-19 virus and consequent lockdowns.
This comes amid a projected 5.3 million square feet of new supply islandwide from Q4 2020 to 2023, with central business district occupancy for the period estimated to hit 94.1 percent and overall prime office rents to average S$10.16 ($7.62) per square foot per month.