Figures
Singapore Figures Q4 2024
January 13, 2025 10 Minute Read
Executive Summary
–Office: Core CBD (Grade A) rents was flat in Q4, bringing 2024 rent growth to 0.4%. Vacancy rate for Core CBD (Grade A) improved to 4.9%, down from a high of 7.8% in the previous quarter, driven by progressive take-up in IOI Central Boulevard Towers.
–Business Parks: It has been a tough year for business parks in 2024 with City Fringe and Rest of Island business park rents down 0.8% and 2.7% respectively. Net absorption improved in Q4 2024, following weaker demand in the previous three quarters.
–Retail: The Orchard Road and City Hall/ Marina Centre submarkets outperformed in Q4 2024 on the back of robust demand for spaces. As a result, prime islandwide retail rents rose 0.7% q-o-q, bringing full-year growth to 3.6%.
–Industrial: Despite a plateau in prime logistics rental growth in H2 2024, demand by logistics services firms remained resilient, leading to an increase in CBRE Research’s prime logistics basket occupancy rate from 94.6% in Q3 2024 to 95.4% in Q4 2024.
–Residential: New home sales rebounded strongly in Q4 2024 on the back of strong pent-up demand, attractively-priced new launches, and lower interest rates. Prices grew 3.9% in 2024.
–Investment: Preliminary real estate investment volumes for Q4 2024 fell 13.7% q-o-q (up 40.2% y-o-y) to $8.035 bn, mainly due to fewer public land sales and large-ticket deals.