CBD Grade A office vacancies decline in Q1

Average monthly rents of overall CBD Grade A offices in Savills' basket rose by 0.4% QoQ.

Vacancy rates for CBD Grade A offices declined across all micro-markets in Q1 2025—except City Hall and Orchard Road—with Tanjong Pagar seeing the largest drop to 9.7%, according to Savills.

City Hall saw vacancy rates rising by 0.3 percentage points (ppt) to 3.9%, whilst rates were unchange at 1.5% for Orchard Road.

The vacancy rates in Raffles Place, Marina Bay, Shenton Way, and Beach Road/Middle Road recorded declines of between 0.3-0.5 ppts in the quarter.

Average monthly rents of overall CBD Grade A offices in Savills' basket rose for the fourth consecutive quarter by 0.4% quarter-on-quarter (QoQ) to $9.83 per square foot in Q1 2025.

On a quarterly basis, rents in CBD Grade A offices in Beach Road/Middle Road, Orchard Road, and Shenton Way remained unchanged in Q1 2025.

For Orchard Road, this was the fifth consecutive quarter that rents have remained constant.

The remaining micro-markets registered QoQ growth between 0.3% and 1.4%, with the largest growth of 1.4% QoQ increase in Marina Bay, the highest since Q4 2019.

This could be attributed to most Grade AAA buildings being in Marina Bay, where the tight occupancies have brought about strong growth to the micro-market.

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