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Office Singapore

November 2021

Report

Reihe: Savills Market in Minutes

Anbieter: Savills

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  • Erscheinungsdatum : 01.11.2021
  • Seiten : 3 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 1,03 MB
  • Sprache(n) : Englisch

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Inhalt

Office rents show signs of bottoming out

  • Office leasing activity moderated for the quarter in review but was still higher than a year ago. In the third quarter, the demand for smaller units eased slightly from the previous quarter.
  • While office demand is being driven by a flight to quality, some older buildings are under pressure as firms continue rightsizing their office footprint. Although there is an uptick in larger organisations announcing plans to reduce space, this is only likely to be realised in 2022/2023 when their leases expire.
  • With the supply of office space remaining unchanged and leasing demand rising during the quarter, the CBD Grade A vacancy improved to 5.8% in Q3/2021. This was attributed to tenants who began to move in in the reviewed quarter.
  • In Q3/2021, Savills CBD Grade A office rents ended six consecutive quarters of decline, with the average gross effective rent in our basket holding firm at S$9.37 per sq ft. Similarly, rents for those rated AA and A in the basket also hit bottom and landlords were pulling back on rent concessions. On the other hand, despite lower vacancy and tighter available stock, rents for Grade AAA offices in the basket fell again in Q3/2021.

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