Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222976
Title: SKYSCRAPERS AND OFFICE RENTS
Authors: QUEK WEI LEONG TIMOTHY
Keywords: Real Estate
Liao Wen Chi
RE
2018/2019 RE
Issue Date: 26-Nov-2018
Citation: QUEK WEI LEONG TIMOTHY (2018-11-26). SKYSCRAPERS AND OFFICE RENTS. ScholarBank@NUS Repository.
Abstract: Over the last two centuries, the agglomeration of world economies has resulted in greater demands for land, giving rise to the concept of skyscrapers. While fundamentally serving an economic purpose of accommodating high density living, the scope of skyscrapers through the 20th century has broadened to also include higher order social constructs such as prestige and influence, where developers compete to erect the tallest tower for prominence across urban skylines. The manifestation of such pursuits was first identified in the 1990’s as the “skyscraper curse” where the completion of world record-breaking skyscrapers was noted to be shortly preceded by economic downturns. As such, emerging literature on this topic is sparse, concentrating broadly on validating such theories and its ability to predict space market trends. However, the current literature does not cover for skyscrapers impact on other real estate values let alone Asia. Utilizing Singapore's position, this paper seeks to validate skyscraper theories in an Asian context while exploring the impact and pricing dynamics of skyscraper developments on neighboring building values. The findings from this paper suggest that the completion of skyscrapers have a broad negative impact on rents which were seen to be significant on region aggregated median rental values within the downtown core after 6 quarters. It was also further noted that variations across skyscrapers would also influence the impacts on rents at a subzone level as the completion of skyscrapers with less than 30,000sqm of office net lettable area would confer more than SGD $5 dip rents within its immediate subzone, while these effects insignificant for larger skyscrapers.
URI: https://scholarbank.nus.edu.sg/handle/10635/222976
Appears in Collections:Bachelor's Theses

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