It just came in at third lace.
According to Colliers International Asia Pacific Office Market Overview, the rent of Grade A office buildings in the CBD continued to decline under the slowing global economy in 3Q 2012.
Here's more from Colliers International:
Nonetheless, the average rent decline slowed for the second consecutive quarter due to an increasing number of foreign companies setting up entities in Singapore and existing companies relocating to higher quality office space.
The average occupancy rate of Grade A office in the CBD increased from 92.0% in 2Q 2012 to 93.1% in 3Q 2012, which is the highest level in the last five consecutive quarters.
Supported by a stronger occupancy rate, the drop in rents slowed marginally to 1.0% QoQ in 3Q 2012, from 1.1% QoQ in 2Q 2012. By the end of September 2012, monthly gross rents for CBD Grade A office space averaged at S$8.37 per sq ft.
With the long-running Eurozone debt crisis and the risk of an office supply overhang, office rents in the CBD are expected to continue on a downtrend for the rest of 2012.
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