Grade A office rents dip 1.1%

This pushed occupancy up to 92% from 90.9%.

According to Colliers International, rents continued to decline in 2Q 2012 on the back of an increasingly challenging global economic environment. However, cushioned by a better than expected economic performance in Singapore as well as the temporary relief from a hiatus of major new office completions for the rest of 2012, the rate of rental decline moderated.

Here's more from Colliers International:

The average monthly gross rents for CBD (Core business district) Grade A office space fell by 1.1% QoQ in 2Q 2012 to S$8.45 per sq ft as of end-June 2012, compared to a drop of 4.3% in 1Q 2012.

The decrease in Grade A office rents boded well for the market, as it improved Singapore’s competitive edge as a regional hub for business and companies had been able to secure office premises for cheaper rents. This pushed the overall CBD Grade A office occupancy rates up to 92.0% in 2Q 2012, from 90.9% in 1Q 2012.

Weighed down by the uncertainty in the Eurozone as well as a possible supply overhang, office rental decline in the CBD is expected to continue in 2H 2012. However, the pace of decrease will slow down as Singapore strengthens its position as a compelling regional business hub.

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