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Cost savings top factor in choice of office leases in Singapore: Survey
Date: 2010/10/7 Click: 1166
Singapore office tenants focus more closely on cost savings, compared to their peers elsewhere in Asia, a survey found, local media reported on Thursday.

This is probably a result of the gyrations in prime office rents in Singapore over the past four years, local daily The Business Times reported Thursday.

Colliers International's 2010 Asia Pacific Office Tenant Survey showed that 65 percent of the respondents from Singapore indicated that cost savings outweigh other important factors in office space selection.

Colliers' figures show that the average monthly rental rate in the Central Business District Raffles Place area shot up 158.5 percent from the 3rd quarter in 2006 to a historical high of 17.89 Singapore dollars (13.60 U.S. dollars) per square foot in the 3rd quarter in 2008.

This was followed by a sharp downturn generated by the global financial crash which saw rent sliding 61.7 percent to 6.85 Singapore dollars (5.21 U.S. dollars) per square foot in the 1st quarter of 2010.
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