Latest Market News

Office and shop prices stop falling

Saturday 23 January 2010

Office and shop prices appear to have bottomed out at the end of last year. Both categories of commercial property saw small price rises in the fourth quarter, ending five quarters of decline. Office prices rose by 1 per cent while shop prices inched up 0.6 per cent, said the Urban Redevelopment Authority.


But office prices were still down 16.4 per cent for last year as a whole, and are 24 per cent lower than their peak in 2008. Similarly, shop prices fell 6.1 per cent for the whole of last year, and are still 11 per cent down from their 2008 highs.


'On the whole, the office market weathered the storm much better than anticipated,' said Mr Li Hiaw Ho, executive director of CB Richard Ellis Research.

Source: The Straits Times