Rents bottomed for CBD offices?

Based on recent estimates from JLL, the average rental values for its overall CBD Grade A and Marina Bay offices rose for the first time in Q2 2017 since 2 years ago. The area of concern, which includes Raffles Place, Marina Bay, Tanjong Pagar/Shenton Way and Marina Centre, rose 0.6% quarter-on-quarter in Q2 2017, at $8.49 psf. The major signings include FAcebook’s takeup of more than 250,000 sqft in Marina One, and Uber’s 55,000 sqft in Guoco Tower. The space at Asia Square vacated by Google last year has also been filled. Microsoft signed up 125,000 sqft in Frasers Tower which is due for completion in 2018.

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