Chart of the Day: Here's how the office market ended 2016 on a positive note

It recorded a high net absorption of 542,259 sq ft.

The office market showed encouraging signs at the latter part of 2016 after struggling to stay afloat for the rest of the year.

According to the latest report from the CBRE Research, the office market recorded a net absorption of 542,259 sq ft in 4Q16. However, this was mostly due to the pre-commitment received for the newly completed DUO Tower and further leasing in Guoco Tower.

"That said, vacancy levels held up relatively well, with only a marginal increase from 5.9% in 3Q16 to 6% as at year end," it said.

CBRE said the bulk of transactions for the past year were renewal deals. Lower rents have encouraged many tenants to take advantage of favourable market conditions by locking in early renewals or to restructure leases at competitive rates.

This year, CBRE expects only a few industries to drive demand meaningfully.

"Whilst there is a sizeable supply expected in 2017, the 2- to-3-year supply position looks pretty manageable. Given the higher leasing volumes of late and with the bulk of new CBD supply mainly restricted to Marina One, the prospects for rent to turn upwards look possible by late-2017," it explained.

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