Key Takeaways
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 Read MoreCBRE’s survey of more than 120 retail leasing market professionals in Asia Pacific reveals that retailers’ expansionary demand remains strong as they seek to revitalise their store networks post-pandemic.
Key findings include:
This report was originally published in https://www.cbre.com/insights/briefs/asia-pacific-retail-leasing-sentiment-survey
Download the Report Read MoreThere were two major factors affecting the Asian real estate market in the past few years, namely COVID-19 pandemic and interest rate hikes.
COVID-19 is no longer considered a public health emergency of international concern while stable or slightly lower interest rates from the Federal Reserve in 2024 is anticipated by many Asian markets. This is expected to increase the appetite for property investment over the next 12-24 months.
Key highlights in the Report:
Office Sector
Retail Sector
Industrial Sector
This report was originally published in https://www.colliers.com/en-xa/research/2019-to-2023-apac-cap-rates-report
Download the Report Read MoreSoutheast Asia foresees strong economic growth in 2024, with most major economies expected to accelerate despite challenges like inflation and geopolitical tensions. Easing inflation and increased investments are poised to further support growth.
Cushman & Wakefield's latest paper explores the promising growth prospects of Southeast Asia (SEA) in 2024. Forecasted to expand by 4.6%, SEA's economy is on an upward trajectory, outpacing the previous year's growth rate of 4.0%.
Singapore’s economic growth is set to improve to 3.0% in 2024, higher than 1.1% growth in 2023, albeit growth would be tempered by a still-high interest rates environment and global economic uncertainties.
Economic growth would be underpinned by a recovering manufacturing sector as external demand recovers and resilient demand for services given Singapore’s status as a regional business hub and tourism recovery. Overall property demand is expected to improve, albeit cautiously, and higher supply in some markets such as the residential and office market would crimp rental prospects.
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