Office Market Review
Q4 2021
Supply
Vacancy rates now contracting because of lack of new supply
Concerns are already being voiced by the lack of new supply in the CBD over the next 4-5 years. However, this is directly as a result of the Government’s policy to encourage more suburban commercial schemes, so that people can work closer to their homes, as well as promoting more residential schemes in the traditional financial district to support a better work/life balance in town, avoiding any ‘ghost town’ feel at weekends in such locations.
Concerns are already being voiced by the lack of new supply in the CBD over the next 4-5 years.
Buildings in Raffles Place with the widest choice of space available include 30 Raffles Place and PLUS, but these buildings are indeed attracting a lot of attention from potential tenants. Further down Robinson Road there is a good variety of space available in 61 Robinson Road, OUE Downtown 2 and Robinson 77. There is still space to be found in ‘high end’ schemes like 79 Robinson Road and Guoco Tower, but it is becoming more limited. In Tanjong Pagar, Twenty Anson, Anson House and Southpoint offer good options. The vacancy rate in the financial district has dropped noticeably, whilst some buildings still have wide choices available. Although many companies have also downsized/‘right-sized’, demand has come from various other sources – see page 3.
The vacancy rate in the financial district has dropped noticeably, whilst some buildings still have ample choice of available space.
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