Office Market Review
Supply Q3 2023
- Because the supply of new office space is so limited, the opportunities freed up as a result of major tenants relocating have become all the more important to consider.
- Keppel South Central (fka Keppel Towers) is the only new office development in the CBD scheduled for completion in 2024, and Labrador Tower is the only premium scheme outside the CBD scheduled for completion next year.
- Even older buildings are filling out now, with their vacancy rates lowering and most are close to full occupancy, with only pockets of space available in many cases.
- New refurbishments such as 18 Cross Street have seen strong uptake and only limited options are left now.
- Tenants will need to be more flexible in terms of location to find quality space at affordable prices.
Even older buildings are filling out now, with their vacancy rates lowering and most are close to full occupancy