Singapore office rents fall in Q323 due to weaker demand

Singapore office rents posted their first quarterly decline in the third quarter of 2023, influenced by ongoing economic pressures, according to JLL.

The decline ended nine consecutive quarters of growth in Singapore spurred by the return-to-office wave following the relaxation of COVID-19 workplace restrictions.

The global real estate consultancy’s research showed that the gross effective rent for central business district (CBD) class A office space fell 0.3 percent quarter-on-quarter to an average of SGD11.29 per square foot per month ($8.26 per square foot per month) in the third quarter 2023, from SGD11.32 per square foot per month ($8.28 per square foot per month) in the second quarter 2023.

“The uncertain near-term outlook stemming from a combination of slowing economic growth,