Office Market Review
Q4 2021
Rentals / Forecast
Rental rates have bottomed out and beginning to move upwards
After a two-year period of ample supply, the first signs have surfaced to a significant dwindling of supply which is having an effect on office rental rates. The number of ‘pre-termination’ cases from distressed tenants has declined substantially, possibly because their leases have expired. Rates therefore, are now firming up for the first time in over two years, since Q2 2019 because the choice has become more limited.
To conclude, our market forecast is that rates will continue to advance for the next three years, due to lack of supply and the presence of reasonable demand. It is expected that Singapore will continue to still attract global MNC’s looking for a stable/major financial hub location in the region to set up their Asia Pacific headquarters. The future for the Singapore office market is looking strong for both landlords and tenants (for the moment).
Our market forecast is that rates will continue to advance for the next three years, due to lack of supply and the presence of reasonable demand.
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- Supply / Future Developments
- Special Building Reviews
- Recommended Leasing Options