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Singapore Figures Q4 2022

January 11, 2023

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– Office: 2022’s net absorption totalled at 1.15 mil sq. ft., which was 3.6 times 2021’s demand of 0.32 mil sq. ft., and 17.9% higher than the 10-year average of 0.97 mil sq. ft.

– Business Parks: A positive net absorption of 0.31 mil sq. ft. was recorded in Q4 2022, but demand was unable to keep up with net supply as the addition of Perennial Business City added approximately 1.00 mil sq. ft. into the market.

– Retail: Alongside increased return-to-office and recovering visitor arrivals, retail rents for Orchard Road, City Hall/Marina Centre and Fringe areas continued to recover in Q4 2022.

– Residential: Private home price growth moderated in the face of rising mortgage rates, the deteriorating macroeconomic backdrop and Sep 2022’s cooling measures.

– Industrial: Full year rental growth for prime logistics reached 10.2% y-o-y as occupiers raised inventory levels amidst supply chain disruptions and inflationary pressures.

– Investment: Preliminary real estate investment volumes in Singapore for Q4 2022 declined 55.6% q-o-q to $3.194 bn. Despite softening investor sentiments over H2 2022, full year 2022 investment volumes came in at $30.293 bn, equivalent to a 9.8% increase y-o-y, on very strong volumes in H1 2022.