CBD office rents continue to fall in 1Q2013

CBD office rents continue to fall in 1Q2013

In its latest quarterly report, Colliers International says the leasing market for the office sector in the CBD remained muted in 1Q2013. Rents in CBD offices fell 0.7% to $8.41 psf, versus 0.5% in 4Q2012. Take-up of new office space remained slow, with most leasing deals secured for smaller space users of 20,000 sq ft and below. Average monthly gross rents in surburban and city-fringe offices held steady at $4.53 psf as more companies moved to more cost-effective locations.
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