Expert forecasts continued rise in prime office rents

In 1Q24, Singapore recorded a 3.4% YoY uptick in occupancy cost.

Prime office rents will continue to rise in the next 12 months, Knight Frank reported.

In 1Q24, Singapore already saw a 3.4% YoY and 0.6% QoQ increase in prime rents.

Within the Asia-Pacific region, Singapore also has the highest rent at US$114.18 per square foot a year.

Singapore ranks behind Hong Kong in occupancy cost.

Despite having one of the highest rents, Singapore has the lowest vacancy rate in APAC at 4.3%.

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