No trading up, expansion for most office renters
Colliers International says renewals and consolidations will be the status quo.
There will be less relocation to high specs spaces as renters are more cautious due to the uncertain economic climate both locally and globally.
Here's more from Colliers International:
Business sentiments have been adversely affected by events in the west. Given the murky outlook for the global economy and the pressing need to maintain Singapore’s competitive edge, it is unlikely that the JTC Corporation (JTC) would raise land prices further in the months ahead. Capital values and rents of single-user industrial space should also remain stable in the year ahead, balanced by cautious user demand and limited availability.