Category 2 Office Buildings: These are the remaining office buildings which are not included in Category 1 office buildings.
This listing contains summary statistics (median, 25th percentile, 75th percentile and number of rental contracts) of major non-landed private residential projects with at least 10 rental contracts signed in a quarter. A major project is defined as one with at least 100 residential units.
Rentals of Non-Landed Residential Buildings, Quarterly
Refers to office space in buildings located in core business areas in Downtown Core and Orchard Planning Area which are relatively modern or recently refurbished, command relatively high rentals and have large floor plate size and gross floor area.
Rents for Grade A office space in the CBD grew for the second consecutive quarter, rising by 0.5 per cent quarter on quarter in the third quarter.
The advance was led by Marina Bay (1.6 per cent quarter-on-quarter growth), Raffles Place (0.3 per cent) and Shenton Way/Tanjong Pagar (0.1 per cent).
Rental growth for Grade B office space in the CBD turned positive in the same quarter, expanding by 0.1 per cent quarter on quarter after four consecutive quarters of decline.
Mr Mark Lampard, executive director and head of Singapore commercial leasing at Cushman & Wakefield, said the country remains an attractive business destination, particularly among financial services and tech firms, Chinese companies, family offices as well as in growth sectors such as healthcare and life sciences.
But the net supply of available space also remained high, contributing to a vacancy rate of 5.8 per cent in the third quarter, up from 4.6 per cent in the previous quarter.
SINGAPORE – Even as many people continue to work from home, the office rental market in Singapore’s central business district (CBD) is expected to improve, although vacancies climbed in the last quarter.
This year, as at the third quarter, net demand hit 283,000 sq ft, compared with 183,000 sq ft over the same period in 2020.