Chart of the Day: Here's proof that office space supply outpaced demand in 1Q13

Deals of 10,000 sq ft are most sought after.

According to Savills, the office leasing market was active in Q1/2013. In the CBD, the market continued to be dominated by smaller deals of 10,000 sq ft and less, arising mainly from existing tenants’ expansions or fl ight-toquality.

The remaining space in newly-completed prime office buildings, such as Asia Square Tower 1 and Marina Bay Financial Centre (MBFC) Tower 3, has been promptly fi lled after the subdivision of entire fl oors.

Here's more from Savills:

Tenants include private equity firms and China-based resources and trading companies.

On the back of healthy demand for smaller space, and the lack of new supply in the coming quarters, landlords have raised their rents to a higher plateau despite a backlog of unlet and shadow space.

Instead of lowering their face rents, some landlords have structured more creative packages to attract the tenants. In spite of the rental premium for offi ce buildings located in Marina Bay over other CBD locations, take-up has been good as some companies could be less sensitive with rents when location becomes critical to their operations/businesses.

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