Core CBD Grade A office rents went up 0.4% QoQ in Q1 23

CBRE Research said the office market continued to be resilient.

Despite subdued tech demand, the office market in Singapore stabilised, with vacancies in core CBD Grade A office inched down to 3.9% in the first quarter of 2023 from 4.2% in the final quarter of 2022.

Its rent prices for Core CBD (Grade A) grew by 0.4% QoQ to reach $11.75 psf/mth, moderating from the 0.9% QoQ increase recorded in the previous quarter.

David McKellar, co-head of office services, Singapore, CBRE, said FMCG and government agencies professionals continue to lease office properties as “these sectors are still experiencing headcount growth due to positive fundamentals in the market.” 

CBRE also noted that property leasing demand from “non-banking financial institutions and family offices had remained healthy in Q1 2023.”