SG prime office rents 2nd highest in APAC at $165 per square foot

The vacancy rate stabilised at 6.6% during Q3.

Singapore’s prime office occupancy rate is the second highest in the APAC region at $165 per square foot during the third quarter (Q3), according to a Knight Frank report.

The vacancy rate stabilised at 6.6% in Q3 amidst global economic uncertainties and more cautious capital expenditure strategies amongst occupiers.

The prime rental rate growth recorded a 2.7% and 0.6% year-on-year and quarter-on-quarter growth, respectively.

Moreover, Knight Frank said the leasing momentum in the city-state has slowed as companies remain conservative on capex and expansion plans.

Still, it predicted the 12-month rental outlook to increase.