Office market sees net absorption of 417,000 sq ft in Q3

The CBD and non-CBD areas contributed 20,000 sq ft and 17,000 sq ft, respectively.

Islandwide office occupancy rate slipped to 94.5% in Q3 2024, whilst CBD and non-CBD areas saw a marginal increase of 0.1%, Edmund Tie reported.

Overall net absorption of office space reached 417,000 sq ft, with the CBD and non-CBD areas contributing 20,000 sq ft and 17,000 sq ft, respectively.

On the flip side, occupancy rates in decentralised areas declined 1.3% with a net absorption of 380,000 sq ft due to the completion of Labrador Tower.

Meanwhile, the rental index in the central region slipped by 0.5% quarter-on-quarter (QoQ).

Edmund Tie also revealed that tenant preferences are shifting toward smaller office units to optimise space and manage costs.

Looking ahead, Edmund Tie expects the completion of new developments to create opportunities for tenants to explore occupancy strategies.

In addition, Edmund Tie expects rental rates to remain stable in 2024. However, rental rates for office spaces in non-central locations with limited accessibility and connectivity are expected to face downward pressure.

Follow the link for more news on

Edmund Tie & Company

office leasing

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia