Office Market Review

Demand Q2 2023

Demand for office space in Singapore has been somewhat sporadic over the last two quarters. We have seen many companies right-sizing or consolidating several offices to smaller space and optimizing efficiencies at the same time. This allows them the affordability to upgrade as well.

The flight to quality persists, with many of the larger multinational companies factoring in the ‘green’ credentials of new developments, even though it is always reflected in the rental.

Strong growth in demand from ‘start-up’ companies prevails, but their size requirements are usually small. So, this is not a major driver in the market and does not have a huge impact on supply, except for those who also looking for smaller units, who are now finding competition fierce from the new entrants.

Demand for office space in Singapore has been sporadic over the last two quarters.