Singapore office rents rise 2.4% in Q2, prices fall 5.1%: URA

GEOPOLITICAL and economic headwinds notwithstanding, analysts expect central business district (CBD) office rents to keep growing after those in Singapore’s central region rose at a faster clip in Q2 2022.

Figures from the Urban Redevelopment Authority (URA) released on Friday (Jul 22) showed that the rental index for offices grew for the third consecutive quarter, by 2.4 per cent quarter on quarter in Q2, from the 1.6 per cent rise in Q1.

For the remainder of 2022 and into 2023, Knight Frank’s head of research, Leonard Tay, expects office rents to hold firm despite a possible recession. This is due to Singapore’s open business environment with clear and transparent policies, and a “flight to safety” by private wealth, corporates and multinational companies affected by tensions in other parts of the world.