Savills says Singapore office rents will continue upward for 2014

Savills World Research has released its Q3 report for the Singapore office sector, dated October. The research arm for the real estate firm says an imbalance in demand and supply means that landlords can have more of a say on rents, which have gone up more than in Q2.

Demand is driven by startups and growing businesses, mainly from the IT and telecommunications industry and in the legal space, a delay in the completion of a major office building in the city and unexpected refurbishment works at other office complex.

Savills expects that rents for "Grade A" offices, those in the central business district, are likely to rise further this year, but will stabilise in 2015. 

Read the full report here.