Singapore has been claimed as the third most expensive office location in the Asia Pacific region. This was the eighth consecutive quarter where the region has been mentioned in the same category.

Colliers International Research's latest Asia Pacific Office Market Overview report has notified that gross rents for Grade A offices in the Central Business District (CBD)have been augmented by 9% annually to S$105.31
(US$86.91) per square foot in the Q2 and has increased by 6.2% quarter-on-quarter to reach S$8.90 per sq ft per month.

The rents for Grade A office space in the CBD and the Raffles Place, micro-market could come down to 8% for the next six months.

The Collins has notified that the banking and professional services sectors will continue to add up but the debt crisis of Europe and the US economic crisis can temper with the market confidence.

Hong Kong has retained its position and will remain at the position of the most expensive office location in the region in the quarter. Hong Kong had taken this position from Tokyo in the first quarter of 2011.

The annual gross rents in Hong Kong have been at S$147.95 (US$122.03) per square foot in the quarter and the Tokyo’s rents have been at S$127.59 (US$105.26) per square foot.