Asia Pacific Office Outlook 2024

SINGAPORE

DEMAND & VACANCY

N E T A B S O R P T I O N ( M S F ) A N D VAC A N C Y R AT E ( % )

FORECAST

1.6

6.0%

1.4

5.0%

1.2

4.0%

 The persistent flight-to quality, combined with lower levels of shadow space, should keep office net absorption positive despite the economic slowdown.  Office vacancy rates are expected to rise to about 5.4% next year as the net absorption of about 1.4 msf is expected to fall short of the 1.9 msf of new supply.  After 2024, office vacancy rates could tighten, supported by limited new supply and an improving economic outlook.

1.0

0.8

3.0%

0.6

2.0%

0.4

1.0%

0.2

0.0

0.0%

2021

2022

2023F

2024F

2025F

2026F

2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield