Singapore Figures Q3 2023 (CBRE) 16 October 2023
Q3 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: Year-to-date, Core CBD (Grade A) rents have increased by 1.3% in 2023. There was positive net absorption of 0.11 mil sq. ft., as compared to a more modest level of 0.03 mil sq. ft. in H1 2023.
Business Parks: Demand for business parks continued to moderate as leasing sentiment turned cautious. Rest of Island rents registered its first quarter of decline since Q1 2021.
Retail: Prime islandwide retail rents rose at a faster clip in Q3 2023 (1.4% q-o-q), compared to 0.8% q-o-q in Q2 2023.
Residential: New home sales slowed despite a larger number of new projects and units launched. Following the fall in overall private housing prices in Q2 2023, prices rebounded.
Industrial: Despite the economic headwinds, prime logistics rents have grown by 11.7% year-to-date, as limited supply of prime logistics space was met with strong leasing demand.
Investment: Preliminary real estate investment volumes in Singapore for Q3 2023 surged 93.4% q-o-q (-13.5% y-o-y) to $7.044 bn, mainly on public (mostly residential) land sales. Excluding these sites, investment volumes would be down marginally by 2.5% q-o-q.
This report was originally published in https://www.cbre.com.sg/insights/figures/singapore-figures-q3-2023
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