ASIA PACIFIC OUTLOOK 2025

SINGAPORE

DEMAND & VACANCY

Office vacancy rates are expected to stay higher this year due to increased supply and muted office demand amid high CapEx constraints. From 2025, vacancy rates may gradually tighten as new supply slows and global financial conditions improve with continued easing of interest rates. Positive office net absorption is projected in the short to medium term, driven by the enduring ongoing flight-to-quality, Singapore’s strength as a regional business hub and growing investment in Southeast Asia.

1.0 1.2 1.4 1.6 1.8

6.0%

FORECAST

5.0%

4.0%

3.0%

0.0 0.2 0.4 0.6 0.8

2.0%

1.0%

0.0%

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

NET ABSORPTION (MSF) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield