Singapore prime office rents inch up 0.6% in Q3

Rents increased by 2% in the first nine months of 2024.

In a recent report, Knight Frank revealed that prime Grade office rents in Singapore’s Raffles Place / Marina Bay precinct increased by a marginal 0.6% q-o-q in Q3 2024, averaging S$11.35 psf pm, a cumulative rental increment of 2.0% in the first nine months of 2024. 

This rate of growth was slower than the 3.4% increase recorded over the same period in 2023. 

Here’s more from Knight Frank:

Despite the addition of the newly completed IOI Central Boulevard Towers, occupancy levels of prime buildings in the Raffles Place / Marina Bay precinct and in the overall CBD remained healthy at 93.4% and 93.5% respectively in Q3 2024, as most occupiers continued to prefer renewal upon lease expiry. In tandem, landlords are becoming more negotiable, prioritising occupancies in the uncertain economic climate.