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How Singapore's prime rental rates compare to APAC markets

In Q4, the Lion City saw a 5.5% YoY increase in rental rates.

Singapore's rental rate for prime offices was amongst the highest in the Asia-Pacific during the last quarter of 2022.

According to Knight Frank, prime rental rates in Singapore rose 5.5% YoY and 1.7% QoQ in Q422, making it the third market with the highest year-on-year and quarter-on-quarter rental growth.

Based on the report, Singapore's occupancy cost at the end of Q4 was US$109.8 ($145.36) per square foot per year, the second-highest amongst APAC markets, just behind Hong Kong.

Meanwhile, prime rent per square foot per month in Singapore in Q4 was $10.69 (US$8.07). Knight Frank expects prime rent sot increase further in the next 12 months.

Despite high costs, Singapore's prime office market remains to have one of the lowest vacancy rates in APAC at 5.0% as of Q4.

1 SGD = 0.76 USD

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