Pent-up leasing demand for new offices may be unleashed in H2 2024
As Singapore economy shines, businesses will find it easier to get capex nods for new office fit-outs, say analysts
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MOST property consultants are expecting Singapore Central Business District (CBD) Grade A office rents to post another year of modest growth in 2024, amid substantial islandwide completion of nearly 3 million square feet (sq ft) of new office space and cautious business sentiment.
“In the near term, market power may shift away from landlords as more options are at hand for tenants. Vacancy and rents may come under further pressure from the increasing amount of available space,” said June Chua, executive director and head of tenant representation at Colliers.
“In an uncertain environment, tenants are more likely to consider consolidation and renewals than expansion or relocation,” she added.
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