Asia Pacific Office Outlook 2024

SINGAPORE

RENT GROWTH

R E N T ( S G D / S F/ M O ) A N D R E N T G R OWT H ( % P E R A N N U M )

FORECAST

14

7.0%

12

6.0%

 While still positive, CBD Grade A office rental growth could moderate to around 1% in 2024 as supply soars and interest rates remain higher for longer.  Global economic uncertainty and CapEx constraints could continue to slow decision making, with some occupiers delaying relocation or expansion plans and slowing office take-ups.  Office rental growth is expected to pick up in 2025 with recovering economic growth and demand underpinned by Singapore’s status as a regional wealth and business hub.

10

5.0%

8

4.0%

6

3.0%

4

2.0%

2

1.0%

0

0.0%

2021

2022

2023F 2024F 2025F 2026F 2027F SGP/SQFT/MO Rent growth (%)

Source: Cushman & Wakefield