ASIA PACIFIC OUTLOOK 2025

SINGAPORE

RENT GROWTH

CBD Grade A office rental growth would remain subdued in 2024 at below 2% due to higher supply and weakened demand. Office rental growth is expected to pick up from 2025, at around 2-3% yoy, as new supply tighten and demand improves with increased occupier confidence to relocate or expand amid easing global financial conditions.

14.0

7.0%

FORECAST

12.0

6.0%

10.0

5.0%

8.0

4.0%

6.0

3.0%

4.0

2.0%

Office rents are expected to further accelerate in 2026 and 2027 amidst a constrained supply pipeline.

2.0

1.0%

0.0

0.0%

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

SGD/SQFT/MO

Rent growth (%)

RENT (SGD/SF/MO) AND RENT GROWTH (% PER ANNUM)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield