Office Market Update
Supply over the next four years is estimated to average around 1.28M sq ft, which is well below the previous ten-year average of 1.77M sq ft. The current overall vacancy rate in the CBD stands at 5%, which is expected to grow to 7% by 2023.
To get the whole story and a summary of new office developments up to 2022
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- Market will be dominated by short-term renewals
- Tech firms to lead demand: Alibaba, ByteDance, Twitter, Rackspace are all expanding, making Singapore their regional base
- Demand for co-working space to continue
- Rates to soften by 7% – 9% across the board
- Very few new office developments coming on stream in the CBD in 2021
- Companies will continue to 'right-size'