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SG prime office rents 2nd highest in APAC at $165 per square foot

The vacancy rate stabilised at 6.6% during Q3.

 

Singapore’s prime office occupancy rate is the second highest in the APAC region at $165 per square foot during the third quarter (Q3), according to a Knight Frank report.

 

The vacancy rate stabilised at 6.6% in Q3 amidst global economic uncertainties and more cautious capital expenditure strategies amongst occupiers.

 

The prime rental rate growth recorded a 2.7% and 0.6% year-on-year and quarter-on-quarter growth, respectively.

 

Moreover, Knight Frank said the leasing momentum in the city-state has slowed as companies remain conservative on capex and expansion plans.

 

Still, it predicted the 12-month rental outlook to increase.

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