Singapore’s office landlords are among the world’s most luckless right now, and they have builders to blame. The market already has an empty feel to it, and as developers add more space in a slowing economy, property owners’ misery could keep compounding.
Over the past year, the city’s three big office real estate investment trusts – CapitaLand Commercial, Suntec and Keppel REIT – have lost investors between 24% and 30%. Exclude them, and the average return on REITs that have at least US$1bil in market value and garner 40% or more of their revenue from owning office properties has been minus 10% globally, according to data compiled by Bloomberg:
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