SG’s office market hit by increasing vacancy pressure

A CBRE report showed that vacancy may hit around 10% by the end of 2023.

Singapore’s office market is experiencing increasing vacancy pressure, according to CBRE.

“Previously tightly supplied market, Singapore, will see availability increase due to the release of some shadow space from tech companies, together with the delivery of one sizable new project apiece in H2 2023,” CBRE commented.

From a rate of around 5% in 2022, CBRE predicts that vacancy in Singapore’s office market will rise to around 10% by the end of 2023.

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