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Chart of the Day: Office supply pipeline to hit 4.3 million sqft by 2024
Pre-committed rates for most buildings in the CBD for 20201 are deemed healthy.
This chart from EDMUND TIE showed that the total supply pipeline from Q2 to 2024 is estimated at around 4.3 million sqft (or 905,000 sqft per annum), with most of the supply expected to be completed by 2022.
In 2021, pre-committed rates for most buildings in the CBD are healthy. For instance, CapitaSpring currently has a pre-committed rate of around 35%, comprising tenants such as The Work Project and J.P. Morgan.
However, the market will have to grapple with the huge supply coming on board in 2022 such as Central Boulevard Towers (NLA: 1.3 million sqft) and Guoco Midtown (NLA: 650,000 sqft).
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