Singapore’s office rent staged a remarkable performance in first quarter 2024, with rents resuming its upward climb after a brief slowing of leasing activity at the end of last year, according to JLL.
The global real estate consultancy’s research showed that the gross effective rent for central business district (CBD), class-A office space rose 1.3 percent quarter-on-quarter to average S$11.42 per square foot ($8.49) per month in first quarter 2024, from S$11.27 per square foot ($8.37) in fourth quarter 2023. This is the highest rent recorded since the S$12.55 per square foot ($9.33) per month reached in fourth quarter 2008 and came after two quarters of corrections totalling a modest 0.5 percent.
“We had predicted the Singapore office-leasing market could stage a quick rebound on the improved economic outlook, and this appeared to have materialized sooner than expected,” said Tay Huey Ying, head of research and consultancy for JLL Singapore. “Occupier sentim
