Outlook 2023 Singapore

SINGAPORE DEMAND & VACANCY

NET ABSORPTION (MSF) AND VACANCY RATE (%)

FORECAST

1.2

6.0%

 The CBD Grade A office net absorption has recovered to near pre-pandemic levels.  CBD Grade A office net absorption is forecast to reach 900,000 sqft in 2022 led by healthy take-ups at newer developments.  CBD Grade A office net absorption to remain at positive levels in 2023 although vacancy rise could rise to 5.4% due to higher supply.  Post-2023, vacancy is expected to tighten as with limited supply in the pipeline

1.0

5.0%

0.8

4.0%

0.6

3.0%

0.4

2.0%

0.2

1.0%

0.0

0.0%

2020

2021

2022F 2023F 2024F 2025F 2026F 2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield