Office market to see slow rental growth for 2H23

In Q2, Grade A office rents only rose by 0.9%.

Mixed market sentiment will cloud Singapore's office market in the second half of 2023, CBRE Research said.

In a report, CBRE revealed that it expects Core CBD (Grade A) rents to be flat for the rest of the year. Meanwhile, CBRE said older Grade B assets may see a downward trend due to a “flight to quality.”

In 1H23, Grade A rents only increased by 0.9% due to tight vacancies.

“Going forward, rents and occupancy could come under pressure amidst the weakening economy, elevated shadow space and a large office building completing in the next free quarters,” CBRE Research said.

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