Singapore Figures Q3 2023

October 12, 2023 10 Minute Read

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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.