Top Japanese Shipping lines taking up Marina One space bigly

OCEAN Network Express is said to be taking up some 50,000 sq ft of office space at Marina One. The joint-venture company of Japan’s “Big Three” shipping lines, is a consolidation of the container shipping businesses of Kawasaki Kisen Kaisha (K Line), Mitsui OSK Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK Line). It includes their worldwide terminal operation businesses, except those in Japan. Ocean Network Express is planning to use the new office spanning 1½ floors as its regional and global headquarters.

Macquarie Bank, which is now at Marina Bay Financial Centre Tower 2, is also said to be in advanced negotiations for some 50,000 sq ft of office space at Marina One.

The two new office towers at Marina One, an integrated development in downtown Marina Bay, are due to be completed soon. Developed by M+S, Marina One’s 1.88 million sq ft Grade-A office space is said to be about 70 per cent pre-leased ahead of its completion.

The first-half of 2017 saw a good volume of pre-committed space in the upcoming premium developments such as Marina One and UIC Building in the CBD.

At Guoco Tower of Tanjong Pagar Centre, which is already 90 % committed, Thai rubber group Sri Trang Agro-Industry Public Company is moving into close to 6,000 sq ft of office space on the 25th floor in early December, letting go of its existing 5,100 sq ft office at One Raffles Place where it has been operating for more than 10 years.

Grade-A CBD rents rose by 1.7 % in Q2 2017 to about S$8.51 psf pm, the first increase in nine quarters, led by a 5.8 % rise in premium office rents in Marina Bay.

The Urban Redevelopment Authority is slated to release the second-quarter real estate statistics on July 28.

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Singapore tops Asia in Office rental Gains in the last Quarter

In local currency terms, Singapore continued to see the strongest quarterly rental growth of 4.6 per cent compared to the preceding quarter.

The average rental for a Grade A office space was US$828 per square metre (psm) per year, making the city-state the third most expensive after Hong Kong Central at US$1,493 psm per year and Beijing’s Central Business District at US$996 psm per year.

Small-space occupiers, particularly those from the e-commerce and fast-moving consumer goods (FMCG) segment, continued to dominate the Singapore market.

The city-state’s growth was closely followed by Auckland’s 4.4 per cent and Beijing’s 2.5 per cent growth, as vacancy edged lower in all these locations.

Growth remained steady at 2 per cent in Tokyo, while small rental increases of 1-1.5 per cent were seen in Hong Kong, Shanghai and Manila.

Rental growth also far exceeded capital value gain in the Singapore CBD office market, which saw a quarterly 0.5 per cent growth in capital value in local currency terms. Compared to Q2 last year, the gain in capital value was 2.1 per cent.