Singapore Figures Q2 2023 (CBRE) 14 July 2023
Q2 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: With a low prevailing vacancy level, gross effective rents for the Core CBD (Grade A) market increased marginally by 0.4% q-o-q.
Business Parks: Leasing activity was focused on renewals as occupiers exercised more caution due to rising global macro economic headwinds. Selected tech and R&D industries gave up space in Q2 2023.
Retail: Prime retail rents for all submarkets rose further in Q2 2023, supported by the continued recovery of the Orchard Road, City Hall/Marina Centre and Fringe areas, and the resilience of the suburban market.
Residential: Private home prices declined for the first time in three years after cooling measures.
Industrial: Prime logistics rentals have grown by 8.6% in H1 2023, despite a weak macroeconomic backdrop mainly due to limited supply.
Investment: Preliminary real estate investment volumes in Singapore for Q2 2023 declined 44.1% q-o-q and 64.3% y-o-y to $3.495 bn, mainly on sharp falls in retail and office asset sales.
This report was originally published in https://www.cbre.com.sg/insights/figures/singapore-figures-q2-2023
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