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Singapore Figures Q3 2022

October 11, 2022

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– Office: Q3 2022 saw strong positive office net absorption, bringing year-to-date take-up to 0.56 mil sq. ft., and surpassing the total take-up of 0.32 mil sq. ft. for the whole of 2021.

– Business Parks: Positive net absorption was recorded in the City Fringe for the sixth consecutive quarter, and vacancy rates in the submarket declined by 0.8 ppt q-o-q to 3.6%.

– Retail: With increased return-to-office and recovering visitor arrivals, retail rents for Orchard Road, City Hall/Marina Centre and Fringe areas embarked on a nascent recovery in Q3 2022.

– Residential: The sharp acceleration in suburban home price growth contributed to a fresh round of cooling measures. CBRE Research expects the mass market segment to cool.

– Industrial: Prime logistics rents have grown by 6.8% year-to-date, driven by strong leasing momentum and an acute shortage of quality space.

– Investment: Preliminary real estate investment volumes in Singapore for Q3 2022 declined 28.3% q-o-q to $6.972 bn. Including the strong H1 2022, YTD investment volumes already tallied $26.868 bn, 97% of 2021’s full year volume.