Singapore Prime Office Market Sees Rental Growth Slowdown in Q4 2024

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Real Estate समाचार

Singapore,Office Market,Rental Growth

The rental growth in Singapore's Prime Grade office market within Raffles Place and Marina Bay slowed down in the final quarter of 2024. Rents averaged S$11.36 per square foot per month, reflecting a significant dip compared to earlier periods in the year. Businesses are choosing to renew leases in existing offices, indicating a cautious outlook amid global uncertainty. Occupancy levels remained resilient, though with a slight dip attributed to the completion of new office towers. Landlords prioritize occupancy with tenants hesitant to commit to large expansions due to inflationary pressures. Some businesses are relocating to newer, higher-quality buildings, often aligning with hybrid work models or right-sizing needs.

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.

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