MARCH 2013 - DURATION: 11:00
Petra Blazkova, Head of Research, Singapore and South East Asia, CBRE
Singapore endured a challenging 2012 as the economy narrowly escaped a technical recession. Demand for real estate remains resilient, however, supported by strong growth in the services sector. The office market was active for most of the year, although most deals took place in decentralized areas, as occupiers remain mindful of costs. Office rents fell across the board and 2013 will see further declines—primarily in lower-quality buildings. In the retail sector rents are steady, but for industrial assets they are expected to weaken, given the subdued outlook for manufacturing. The investment market is seeing healthy demand across a variety of asset classes, supported by Singaporean funds, private buyers and international groups.
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