Singapore office rents see subdued growth in 1Q2023: JLL
Grade A office rents in Singapore’s Central Business District (CBD) welcomed a 1.0% q-o-q increase in 1Q2023, despite this representing the second consecutive quarter of slowing growth. This is according to research by real estate consultancy JLL, with the gross effective rent for such spaces standing at $11.30 psf pm.
Andrew Tangye, JLL Singapore’s head of office leasing and advisory, attributes the modest growth to a cautious approach from large space users who have opted to “press the pause button” on expansion and relocation plans in light of macroeconomic uncertainties.
Tay Huey Ying, JLL Singapore’s head of research and consultancy, explains that despite the prevailing caution, occupiers are seizing the opportunity to upgrade to better office spaces in new and upcoming completions due to the tight supply of Grade A office space.
For instance, at Guoco Midtown in the Bugis-Beach Road area, 80% of space is already taken up with …