Office Market Review
Demand Q4 2022
Demand has gradually picked up throughout 2022, led by tech companies and private wealth management businesses. However, the need to lease new office space has spread across the board for all occupiers. In Raffles Place the Embassy of The Republic of Italy has relocated from United Square to Republic Plaza. Universal Pictures has leased around 15,000 sq ft in Ocean Financial Centre.
Harley Davidson has moved into new offices in PLUS. Tiger Brokers have moved into One Raffles Place Tower 2 from Singapore Land Tower. For smaller sized requirements 6 Battery Road and 20 Collyer Quay have been popular buildings.
In Suntec City Team Viewer has just opened their new Singapore office. Gojek has relocated to Tower 5 from AXA Tower and New Balance moved here from Great World City. Guoco Midtown has proved popular and new tenants committed here include BASF, Vitol, Swiss Re, Conoco Phillips International and Boehringer Ingelheim. The biggest deal of the year so far, has seen Amazon commit to around 369,000 sq ft in IOI Central Boulevard Towers with ByteDance / TikTok also rumoured to be taking large expansion space in this scheme as well.
In Orchard Road, TripleOne Somerset has been one of the busiest buildings. New tenants here include Clubmed, Coty Operations, Cotton On and Saint Laurent.
See Market Review for which have been the most active/popular buildings this year.
Increased demand across all sectors
Singapore Office Market Review
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PDF includes additional content
- Future Developments – Building Fact Sheets
- The busiest buildings in 2022
