Office rents take tumble in January

PUBLISHED : Wednesday, 18 February, 1998, 12:00am
UPDATED : Wednesday, 18 February, 1998, 12:00am

Grade A office rents in strata-title buildings in Admiralty dropped by as much as 16 per cent in January, according to property agent Chartersince.

It said office rents would come under further pressure.

The agency said rents in Lippo Centre had slipped by $8 to about $42 a gross square foot since the fourth quarter last year.

In the Bank of America Tower, rents fell by 16 per cent as well or $8 to $43 a square foot.

The cost of leasing grade A space in Admiralty Centre fell similarly from $42 to $35 a square foot in January.