2023-12-25-莱坊-Singapore_Office_Market_Update_Q4_2023_2页_711kb

Singapore's office market shows a significant increase in the quality of space in portfolios, rising from 37% to 51% over two years. This reflects post-pandemic demand for wellness services like F&B, mental health facilities, and gyms, driven by tightened hybrid working policies and the need to attract and retain talent. Despite cautious economic outlook with GDP predicted at 1-3% growth in 2024, high CBD occupancy at 94.6% and modest rent increases (0.7-4.1% in key areas) are expected, though new supply developments like IOI Central Boulevard and Keppel South Central could moderate rental growth. Geopolitical risks and occupier caution persist, with mixed-use developments enhancing workplace wellbeing. For example, Beach Road's gentrification creates human activity, and co-working demand remains stable despite global events. Overall, 2024 is seen as cautiously optimistic but balanced amid global uncertainties.