Singapore's prime office rent rises for 11th consecutive quarter

The pace of growth grew slower in H2 2023

Office spaces in Singapore’s prime locations have increased for the past 11 quarters, now considered the longest of its kind in the country, a report by Knight Frank reveals.

“In Singapore, the prime office market's rental growth cycle extended to become the longest in the country's history, with increases observed for the 11th consecutive quarter, although the pace of growth slowed in H2 2023 as businesses focused on maintaining stability,” Knight Frank said.

In Q4 2023, the prime office vacancy rate in the city was 4.4% whilst prime office growth was at 4.1% year-on-year (YoY).

Knight Frank predicts rental outlook to grow in the next 12 months.