The economic fallout from the pandemic weighed down on demand and rents.
Prime Grade office rents in the Raffles Place/Marina Bay precinct dropped for the second consecutive quarter in Q2 2020, declining by a further 4.1% quarter-on-quarter (q-o-q) to S$10.61 per square foot per month (psf pm) as landlords lowered their expectations to maintain occupancy and try to secure new tenants amid clouded economic prospects for the rest of the year, but occupancy rates remained relatively stable decreasing by a marginal 0.2% q-o-q in the precinct due to ongoing lease commitments.
The economic fallout from the pandemic weighed down on demand and rents with many corporates considering space reduction now that working from home has proven workable as a regular work arrangement component post-pandemic.
Knight Frank Indonesia
Chase Plaza 17th Floor
Jalan Jendral Sudirman Kav 21
Jakarta, 12920 - Indonesia