Singapore office rents rise 0.3% QoQ in Q3
Vacancy levels remained low amidst limited supply.
Asia-Pacific leasing activity rose 10.7% year-on-year (YoY) in Q3 2024 with Singapore recording an annual growth rate of over 30% along with India and New Zealand, Colliers reported.
Singapore core CBD premium and Grade A rents grew by 0.3% quarter-on-quarter (Q-o-Q) during the period due to lease renewals at higher rates and the limited supply of high-quality office buildings in the market.
Vacancy levels remained low below 5%, due to limited supply. Meanwhile, new office building completions in Singapore during Q3 signal a positive outlook for future supply.