Singapore seen to get lower office space surplus by 2033: Savills

Aside from Singapore, Mumbai and Seoul may also see lower office space.

The new office supply in Singapore remained relatively low from 2020 to 2022, a study from Savills showed.

In 2022, considering the withdrawal of office space from the market and new additions, the net lettable area (NLA) is recorded at 926,000 sq ft, said Savills.

For 2023, despite the influx of 1.9 million NLA of new space, a significant portion (1.26 million sq ft) is attributed to IOI Central Boulevard.

Considering potential project delays, the upcoming development may spill over into the supply figures for 2024.

Cumulatively, from 2024 to 2028, the projected new supply stands at 3,196,000 sq ft NLA.

Against this backdrop, Savills said there is an increasing number of employees going back to the office but tech firms still adopt flexible working policies.

Aside from this, a hybrid working model is anticipated, driven by the need to retain millennial and Gen Z staff who value remote work and occupiers’ need to reduce rental overheads.

Globally, the US will likely have highest future office availability with the APAC region seen to be the lowest.

Alan Cheong, executive director of Savills Research & Consultancy, said, "Whilst office space in most developed economies faces excess supply in the coming years, Singapore remains a relatively tight market due to a lack of new supply, which offsets the expected decrease in demand as companies adopt hybrid work models."

Follow the link for more news on

Savills

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

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