A brief note from what I gather in a recent RHB sell report on Capitaland Commercial Trust, the old girl in Singapore Office REIT.
This gives some idea of the challenging rent renewal and demand for offices:
CCT’s portfolio occupancy inched up to c.97%, while the REIT manager observed shrinking demand from the financial sector. Additionally, leasing proved to be difficult for its CapitaGreen asset as its occupancy inched up marginally to 91% with lower committed rental rates inked by new tenants. Lastly, valuers’ cap rates across CCT’s portfolio remained largely unchanged, as the REIT registered 1.6% YoY higher portfolio valuation.
The saving grace for them is that most of the rentals are committed!
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