Suntec, Keppel, OUE REITs report strong office occupancy in 2024

Return-to-office and demand for subdivided space lifted OUE REIT’s portfolio reversion.

Suntec REIT, Keppel REIT (KREIT), and OUE REIT all logged healthy office occupancy and rental reversions in 2024.

Suntec REIT logged an office committed occupancy of 98.7% at end-FY2024, and a +10.3% rental reversion for the whole year on 500.8k of square feet (sqft) leased.

However, its management guided for a more modest +1% to 5% rent reversion for FY2025, on the back of average expiring rents of S$10.12 per square foot (pst) at Suntec Office.

Suntec REIT also expects the office leasing environment in Adelaide to remain challenging in FY2025 due to “elevated vacancy levels,” noted CGS International in its latest report on the REIT.

OUE REIT’s committed occupancy remained stable at 94.6% as of December 2024, although lower than the 95.4% in Q3.

Return-to-office mandates and incremental demand for subdivided space helped OUE REIT achieve a portfolio reversion of +10.7% in FY2024.

Management expects this positive reversion to hold up in FY2025 for the office portfolio given favourable demand and supply dynamics. OUE REIT is reportedly already in talks with Deloitte ahead of its lease expiry in FY2026.

For KREIT, portfolio committed occupancy is at 97.9% as of end FY2024.

KREIT notably renewed and leased around 1.66 million sqft of space during the year, with demand coming from banking, insurance and financial services, TMT, legal, and real estate & property services sectors.

Its portfolio rental reversion averaged +13.2% in FY2024, lifted by the +16.5% rental reversion logged for Q4 2024.

For the next few years, distribution per unit (DPU) forecasts have been cut for all three REITs. Suntec REIT’s DPS forecast has been lowered by 2.5% to 4.8% with the assumption of “a more drawn-out recovery period from its overseas properties, CGS International’s Lock Mun Yee said in a company note on Suntec REIT.

Meanwhile, OUE REIT’s DPS forecasts for FY2025-2027 have been lowered by 3.4% to 5.8% due to the income gap that will arise with the Lippo Plaza Shanghai divestment.

CGS International has also cut KREIT’s DPU estimates for FY2025-2026 by 5.64-6.38%, mainly on change in assumption of payment of 25% of management fees in cash.

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Keppel REIT

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Suntec REIT

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