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Singapore

    Singapore

    Singapore has a highly developed market-based economy, which has historically revolved around extended trade. Along with Hong Kong, South Korea and Taiwan, Singapore is one of the Four Asian Tigers. As a result Singapore has one of the busiest ports in the world, shipping many manufactured goods around the globe. Since the economic recession has hit Singapore’s rapid growth has slowed significantly, hitting a mark far below the expected growth rate. The economy is expected to contract greatly by up to 8% in 2009 and unemployment could rise to 5% this year as forecast by several private sector economists. The government is currently taking steps to restore Singapore’s place as one of the world’s major economic hubs. Singapore maintains free trade agreements with many of the world’s top economies.

    Singapore's commercial market has not been immune to the global economic crisis, seeing a slowdown in both new supply and absorption. Many larger tenants are looking to sublease and developers are offering very tenant friendly terms to attract occupiers. The vacancy rate is predicted to continue to rise while rental rates continue to decrease. The occupier clearly has the advantage in this market and the near term trend looks to continue creating advantages for end users.

     

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    Singapore