Office Market Review

Demand Q3 2023

Demand remains patchy, but a surprising number of companies are continuing to seek upgrades, despite robust office rental rates. The flight to quality therefore persists for now and this could in part be due to the prospect of fewer choices of quality space coming available over the next 1-2 years.

We haven’t witnessed a mass influx of companies relocating from other major Asia Pacific financial hubs such as Hong Kong, but we have experienced an uptick in the number of new companies setting up office here in Singapore or progressing from co-working space / serviced offices, to move to their own stand-alone office. This has led to even stronger demand for the smaller units, which in turns speeds up leasing activity.

Some of the busiest industries taking up space at the moment continue to be energy companies, recruitment consultants, family offices, asset managers, insurance and wealth management companies.

Demand remains patchy, but a surprising number of companies are continuing to seek upgrades, despite robust office rental rates.