Singapore office net absorption drops to -76,235 sq ft in Q2 | Realestate Asia

Singapore office net absorption drops to -76,235 sq ft in Q2

It was a huge decline from the previous quarter’s 265,000 sq ft.

Data from Edmund Tie Research reveal that overall net absorption in Singapore’s office property sector was at around -76,235 sq ft in Q2 2022, a huge drop from the previous quarter’s 265,000 sq ft. 

“Nonetheless, the leasing demand for prime office spaces in central areas saw growth in this quarter as corporates adjusted to new hybrid work arrangements,” the report said.

Here’s more from Edmund Tie:

There is robust demand for premium spaces in Marina Bay, and occupancy rates for Raffles Place and Grade A office spaces in Shenton Way/Robinson Road/ Tanjong Pagar remained stable. The overall occupancy rate for office spaces in the CBD maintained at 93.8% in Q2 2022. 

With limited supply of quality spaces, there is a rise in rental rates across all subzones of the office sector in Q2 2022, albeit to various extents. In the CBD, premium rents at Marina Bay rose by 1.7% qoq and reached a 2-year high, while Grade A rents at Shenton Way/Robinson Road/Tanjong Pagar followed closely with a 1.2% qoq increase. In Non-CBD, rents across different subzones improved by 0.5%-0.9% qoq, while office rents in the decentralised rose by 0.8% qoq in Q2 2022. 

The major leasing deal in Q2 2022 is the reported take-up by Amazon of 369,000 sq ft of space at Central Boulevard Towers.


Follow the links for more news on

Join Realestate Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!