Singapore office rents are set to hit pre-pandemic levels for the first time since the start of the Covid-19 crisis, as Chinese companies lead a rush to expand operations in the city-state.The return of workers to the office this year, coupled with lockdowns in China and restrictions in Hong Kong that have forced foreign companies to consider alternative locations, pushed rents for prime office space in the city centre to S$10.74 (US$7.71) per square foot in the second quarter, according to real estate group JLL.
Rents rose 2.7 per cent compared with the previous quarter, meaning landlords in the Asian financial hub have enjoyed five consecutive quarters of growth, according to the data.
“Our forecast is that it will hit S$11 by the end of the year and rise another 25 per cent by 2026,” said Regina Lim, head of strategic advisory for JLL’s Asian capital markets business.