Chart of the Day: More tenants pre-commit to rent office buildings

Marina One enjoyed the largest pre-committed space of 1.3 million sqft, equivalent to 70% of the property.

This chart from Maybank Kim Eng shows that due to office buildings' supply respite over the next few years, new office buildings in Singapore have witnessed strong pre-commitment levels.

About 91% of V on Shenton, equivalent to 300,000 sqft has already been pre-committed, whilst 90% of GuocoTower or 800,000 sqft has already been leased, leaving 100,000 sqft of space still up for grabs.

About 83% of Frasers Tower (600,000 sqft) has also been pre-committed, whilst 70% of Duo (400,000 sqft) has already been leased.

Amongst these buildings, Marina One enjoyed the largest pre-committed space of 1.3 million sqft, equivalent to 70% of the property. About 600,000 sqft is still available for lease.

CapitaLand also secured JP Morgan as an anchor tenant for CapitaSpring, the former Golden Shoe site. JP Morgan will be taking up around 155,000 sqft of space at levels 24 to 30 in excess of three years, representing nearly 25% of the total 635,000 sqft of the net leasable area (NLA) at CapitaSpring.

Maybank KE forecasts that average annual supply of office space in the CBD will fall to just 700,000 million sqft between 2018-2020.

"With limited supply and better demand from a strengthening economic outlook, we expect vacancy rates to fall and upside for rents," said analyst Neel Sinha.

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