Chart of the Day: Here's how high office space supply will soar by 2015

Will there be a ghost town office version?

Occupancies hit a new 5-year high at 95.7% in 1Q14 in both islandwide and CBD core offices, according to CBRE. They say that this is supported by strong leasing interest in Asia Square Tower 2.

Here's more from CBRE:

Core CBD occupancies rose 50bp qoq to 95.7% while islandwide occupancies also rose 10bp qoq to touch 95.7%.

In 2014, 2.4m sf of space is due for completion but completions are expected to plummet to 0.6m sf by 2015. With occupancies above 90-95%, pricing power will shift to office landlords, lending support to higher office rentals.

The strong office demand is being driven by GDP growth and a recovery in the US and Europe. In this decade, the Singapore government anticipates GDP growth of 3-5% until 2020.

Of the recent completions, MBFC Tower 3, Asia Square Tower 1, One Raffles Place Tower 2 and OUE Bayfront are 90-95% occupied, while the only CBD office development with significant free capacity is Asia Square Tower 2, which is about 60% committed.

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