Office rents and prices recover 3.1% q-o-q in 2Q2024 as pipeline supply drop

Office rents and prices recover 3.1% q-o-q in 2Q2024 as pipeline supply drop was reported by EdgeProp Singapore on 27 July 2024.

Overall office prices in Singapore show signs of recovery with a 3.1% q-o-q increase, reversing the 1.2% decline in 1Q2024. Similarly, rents were up 3.1% q-o-q, reversing the 1.7% fall in 1Q2024. Marketwide occupancy rates dipped 1.2% q-o-q from 90.4% in 1Q2024 to 89.2% in 2Q2024.

Why this matters for Singapore commercial property

For occupiers and landlords, this is a practical indicator of rental direction, vacancy risk and negotiating conditions in Singapore’s office market. The story is relevant to businesses, landlords and investors comparing current market evidence before making leasing or acquisition decisions.

Key takeaways

• Market: Singapore office rental market

• Location: Singapore

• Reported benchmark: 3.1%

• News date: 27 July 2024

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Source: EdgeProp Singapore, 27 July 2024