Office Market Review

Q3 2021

Supply

Vacancy rates continue to rise across the board

We find that many landlords remain bullish about the office market, despite an increase in vacancy rates because they are well aware that new supply is limited over the next three years and existing stock is diminishing, due to the redevelopment of several large buildings. Still, there are some buildings that have much wider choice of space than others and this is often down to the age of the building/location or asking rates are out of sync with the market.

All locations have a reasonable choice of available space, but rental rates can vary considerably, so it pays to shop around. Best value for money can still be found in Tanjong Pagar, Beach Road and Edge of CBD locations.

New supply is limited over the next three years and existing stock is diminishing, due to the redevelopment of several large buildings.