Outlook 2023 Singapore

RENT (SGD/SQFT/MO) AND RENT GROWTH (% PER ANNUM) SINGAPORE RENT GROWTH

FORECAST

8.0%

14

 Amidst an uncertain economic outlook, CBD Grade A rents are expected to grow at about 3.1% y o-y in 2023, slowing from a 6.1% y o-y increase in 2022.  A slowdown in tech demand, a key driver of office space, and higher levels of shadow space in the market would limit rent growth  Over the longer term, a more gradual rental growth trajectory is expected given lower office structural demand due to hybrid work.

6.0%

12

4.0%

10

2.0%

0.0%

8

-2.0%

6

-4.0%

-6.0%

4

-8.0%

2

-10.0%

0

-12.0%

2020

2021

2022F 2023F 2024F 2025F 2026F SGD/SQFT/MO Rent growth (%)

Source: Cushman & Wakefield