COMMERCIAL PROPERTY | Staff Reporter, Singapore

New rentals in Central surge 47% in September

There is strong demand from the banking and finance sector.

New rentals in Central surged by 47% MoM from 45,100 sqft in August to 66,300 sqft in September, JLL revealed.

According to its Property Market Monitor, solid leasing demand from the banking and finance sector in the Hongkong Land portfolio contributed to new lettings in Central.

In one of the largest deals, The Stock Exchange of Hong Kong reportedly leased 13,900 sqft at One Exchange Square for in-house expansion.

JLL said the realisation of pre-commitments at K-11 Atelier, which was issued its Occupation Permit during the month, and ongoing tenant decentralisation contributed to net take-up in the overall market amounting to 295,000 sqft in September.

Notable movers included Covestro reportedly leasing 20,300 sq ft at One Island East and IMG leasing 13,000 sqft at Dorset House, both relocating out of offices in Wanchai/Causeway Bay.

JLL head of research Denis Ma said, "The tight vacancy situation and resilience of the Central office market continues to draw the attention of investors with record high transaction being set in a number of office buildings, in terms of unit rate. We expect this trend to continue over the near-to-medium-term despite ongoing tenant decentralization."

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