Singapore Figures Q1 2024 (CBRE)

Q1 2024 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.

Office: Low vacancies, limited supply and flight to quality continued to drive office rental growth. Net absorption was relatively flat in Q1 with no fresh supply.

Business Parks: Overall demand for business parks remained cautious. Shadow space increased due to consolidations within the banking and financial sector.

Retail: The Orchard Road and City Hall/ Marina Centre submarkets continued to outperform in Q1 2024. As such, prime islandwide retail rents sustained its recovery, rising by 1.0% q-o-q.

Residential: New home sales remained muted in Q1 2024 despite a pickup in launches. Private home prices extended their increase but the pace of growth moderated.

Industrial: Given limited options for occupiers seeking prime logistics facilities in the near term, rental performance is still expected to be steady in 2024.

Investment: Preliminary real estate investment volumes in Singapore for Q1 2024 fell 23.4% q-o-q (down 30.9% y-o-y) to $4.372 bn, mainly on a decline in public land sales.

This report was originally published in https://www.cbre.com.sg/insights/figures/singapore-figures-q1-2024

Download the Report