Office Market Review

Supply Q2 2023

• Smaller units between 1,500 to 2,500 sq ft lease out very quickly these days. There is more demand for this type of space, than for say larger 15,000 + sq ft units. Be prepared to make swift decisions on space in the smaller size range.


• Large space units are much more difficult to find because of prevailing high occupancy rates. Choice is now more limited and rents are firming, partly because of scarcity value.


• The older buildings are struggling to secure new tenants, partly because the specification of this type of space is quite dated. Therefore, these buildings will often offer the most competitive rates, but with basic amenities / finishes.


• Other than the top prime addresses, location is less of a factor and quality of specification and easy access to MRT affects the increase in demand and rental rates.


• Most of the ‘shadow’ space given up by tech firms has gradually been absorbed.

Smaller units between 1,500 to 2,500 sq ft lease out very quickly these days