Singapore prime office rents grow 5.5% in 2022

Occupancy levels also remained healthy.

According to a Knight Frank report, prime Grade office rents in Singapore’s Raffles Place / Marina Bay precinct increased 1.7% q-o-q in Q4 2022 to average S$10.69 psf pm, recording 5.5% y-o-y growth in 2022. 

This marginally exceeded the earlier projection of 3% to 5% rental growth at the start of the year. 

Here’s more from Knight Frank:

Due to the tight supply of new office inventory coupled with steady demand for traditional as well as co-working space, the office sector has become a landlord’s market. 

Occupancy levels in the Raffles Place / Marina Bay precinct remained healthy at 95.5% with the overall CBD occupancy improving to 94.2% from the 93.6% in the last quarter. Many businesses actively sought quality office space that can support the full resumption of functions to pre-pandemic levels, and meet the operational needs of a normalising economy.