Singapore office rents may dip by 5% this year as WFH continues: Knight Frank

Singapore

PROPERTY consultancy Knight Frank is expecting office rents in Singapore to fall by around 5 per cent in 2021 before bottoming out and recovering in the following year, barring new strains of the Covid-19 virus and consequent lockdowns.

This comes amid a projected 5.3 million square feet (sq ft) of new supply islandwide from Q4 2020 to 2023, with central business district (CBD) occupancy for the period estimated to hit 94.1 per cent and overall prime office rents to average S$10.16 per square foot per month.