Singapore Figures Q4 2023

January 11, 2024 10 Minute Read

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Office: The office market surpassed expectations due to limited supply, increasing back-to-office rates, and gradual decline of shadow space.
Business Parks: After three consecutive quarters of negative net demand, Q4 2023 recorded positive net absorption of 0.34 mil sq. ft., primarily contributed by the injection of Elementum which achieved healthy occupancy.
Retail: Prime islandwide retail rents continued its recovery momentum in the quarter, rising by 1.2% q-o-q. This brought full year 2023 rent growth up by 4.2%.
Residential: New home sales remained muted amid a limited number of new launches. Private home prices rose moderately, extending the increase in Q3 2023.
Industrial: Against a weak macroeconomic backdrop for most of 2023, the prime logistics segment outperformed with full year rental growth of 14.2% as limited supply of prime logistics space was met with strong leasing demand.
Investment: Preliminary real estate investment volumes in Singapore for Q4 2023 fell 23.6% q-o-q (up 54.1% y-o-y) to $5.550 bn, mainly on a decline in public land sales.