Singapore prime office rents up 1.2% in Q2

This brings total rental growth to 2.5% in H1 2023.

Recent data from Knight Frank reveal that Singapore’s prime Grade office rents in the Raffles Place / Marina Bay precinct increased 1.2% q-o-q and 5.8% y-o-y in Q2 2023, averaging S$10.96 psf pm. 

This brought rental growth to 2.5% in the first half of 2023 amid escalating geopolitical tensions, inflationary pressures, and prevailing economic gloom. Nevertheless, with office inventory remaining tight, Knight Frank expects prime office rents to remain firm. 

“Occupancy levels in the Raffles Place / Marina Bay precinct, and in the overall CBD remained healthy at 95.8% and 94.4% respectively in Q2 2023, marginally higher than the corresponding 95.4% and 94.1% in Q1. Despite growing rents, businesses were not deterred from continuing to seek quality spaces in the CBD, supporting the strong occupancy levels in the office market,” the analyst added.