CBD Grade A office rents to continue slide in 2021, but less sharply than in 2020

With remote working, impact could be worse than during Global Financial Crisis, says JLL leasing head

Nisha Ramchandani

Published Wed, Jan 6, 2021 · 05:50 AM

Offices

Singapore

GRADE A office rentals in the Central Business District (CBD) are generally expected to remain under pressure in 2021, say property consultants, as companies scale back on space amid economic headwinds.

According to JLL's head of research & consultancy Tay Huey Ying, CBD Grade A office rents are expected to fall in 2021, although the decline could moderate to about half the 9.3 per cent pullback seen in 2020 as the economy gets back on track.

Chris Archibold, JLL's head of leasing, expects there will be some firms reducing office space, as has been the case with past downturns.

Mr Archibold added: "Given that technology has given occupiers the ability to work remotely, the outcome could well be …