COMMERCIAL PROPERTY | Staff Reporter, Singapore

Chart of the Day: New office supply pipeline to hit 7.6 million sqft by 2023

Office rents are expected to rise 8-10% amidst low vacancy levels of 3%.

This chart from Knight Frank shows how upcoming office supply is slated to balloon in the next few years and reach a total of 7.6 million sqft by 2023.

This will be led Marina Bay/Raffles Place, which is expected to surge from 180,000 sqft of new office supply in 2019 to 1.52 million sqft in 2022. Beach Road/Middle Road will also see its office supply rise to 696,000 sqft in the next three years as compared to 185,000 sqft in 2019.

Furthermore, Knight Frank added that office rents are expected to increase by 8% to 10% given the low vacancy levels of around 3%.

“However, existing buildings will in due course need to compete to retain tenants as the next wave of new supply chases pre-commitment leases with attractive ‘early bird’ deals,” the report said. 

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