A flight to the quality trend has kept rents of prime office space in downtown Singapore steady in the first quarter, although landlords would have to be more proactive in securing tenants as competition in the market intensifies, according to Colliers.
Colliers saw leasing activity holding up in quality office buildings in prime locations and some landlords even raised rents due to the ongoing strong demand in this segment. It also found landlords were more willing to offer more incentives to secure tenants. Colliers said demand for premium offices has remained muted overall as the challenging business environment pushes companies to practice prudent spending and look for ways to optimise their current workspace.
For the entire 2024, the property agency forecasted prime office rents to post 0% to 2% YoY growth and settle within $11.49 to $11.72 per square foot per month. Vacancy rates within prime office assets in the Core CBD
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