Singapore Figures Q1 2023 (CBRE) 17 April 2023
Q1 2023 Singapore Figures report provides the latest commentary and data on net absorption, rents, vacancy, supply and other key metrics in Singapore's office, business parks, retail, residential and industrial markets, along with an analysis of real estate investment activity.
Executive Summary:
- Office: The strong momentum amongst the office sector began to show signs of moderation as uncertainties within the tech and banking sectors grew.
- Business Parks: Rental increase for City Fringe took a pause as rents remained flat for the first time after seven consecutive quarters of increase. Rents for Rest of Island also remained flat in Q1 2023.
- Retail: Prime retail rents for all submarkets continued to rise in Q1 2023, buoyed by the recovery of the Orchard Road, City Hall/Marina Centre and Fringe areas and the resilience of the suburban market.
- Residential: Private home price growth saw an uptick amid low transaction volumes.
- Industrial: Amid strong competition for storage space in modern ramp-up developments, prime logistics saw the strongest rental growth of 3.7% q-o-q in Q1 2023.
- Investment: Preliminary real estate investment volumes in Singapore for Q1 2023 surged by 73.0% q-o-q (but down 40.9% y-o-y) to $6.068 bn, mainly on the large-ticket retail asset divestments by Mercatus.
This report was originally published in https://www.cbre.com.sg/insights/figures/singapore-figures-q1-2023
Download the Report
