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Office Market Review

Rentals / Forecast Q4 2023

The overall office vacancy rate is around 5.5% to 7%, but the prime locations have much higher occupancy rates at around 96% - so the picture is mixed. Rates for the whole of 2023 are expected to grow at a slower rate of around 2% (vs. 5.75% in 2022). Average prime rates are approximately $10.65 per sq ft at the moment.

We expect market rates to firm in 2024, but only marginally. These rents are indeed being supported by the tight supply conditions, but demand is still relatively weak and some tenants are resisting further rate advances.

Rates are expected to grow at a slower rate of 2% in 2023 overall (vs. 5.75% in 2022)



Singapore Office Market Update Q4 2023

Singapore Office Market Review

Q4 2023


Click to download

PDF includes additional content
  • Featured New Developments: 2024 – 2025
  • Relocation Highlights
  • Latest Rental Rates (September 2023)


Why? Benefits

Covers ALL units available, including:

  • Confidential space or breaklease cases not on the open market

  • All units that landlords / other agents are marketing

  • Shows Lowest Negotiable Rates
    Our website can only show official Asking Rates