‘The worst has passed’ for US office S-Reits, but investors should not jump in just yet

[SINGAPORE] Office S-Reits, or Singapore-listed real estate investment trusts, were among the hardest-hit sub-sectors during the Covid-19 pandemic. Remote work left many offices empty, and even after the pandemic, recovery has been slow as hybrid work models took root.

But Singapore’s office Reits have since bounced back.

Rental reversions have improved across the board. Keppel Reit , which holds predominantly Singapore office assets, posted a 12.3 per cent rental reversion in the first half of 2025, while Suntec Reit’s office segment recorded a 10 per cent increase.