SINGAPORE: In the final quarter of 2024, the rental growth in the Prime Grade office market within Singapore’s Raffles Place and Marina Bay precincts saw a notable slowdown, recording a modest 0.1% quarter-on-quarter increase., rents in the area averaged S$11.36 per square foot per month, reflecting a significant dip compared to earlier periods in the year.
The occupancy levels across the Raffles Place/Marina Bay area and the broader Central Business District remained resilient, with prime buildings maintaining an occupancy rate of 93.6%. These businesses are taking up either the same amount of space or making strategic adjustments to their office configurations. Should these companies experience growth, they have the flexibility to adjust their hybrid work practices to accommodate increased headcount.