103 views
Chart courtesy of Savills.

Chart of the Day: Rental growth of Grade A offices to be subdued in 2023

Rents will grow 2% YoY in 2023, according to Savills.

Rental growth of CDB Grade A offices in Singapore will be subdued in 2023, according to an outlook by Savills.

Economic and banking-related factors, as well as the restructuring in the tech industry, are expected to subdue demand for offices.

“As a base case, beyond the immediate issues, hybrid working, tenant’s cost to fit out a sustainable office space and AGI are likely to ease demand pressures. However, we are not discounting the possibility that if these new practices and adoption of technology spawn new industries, demand for office space may revive strongly,” Savills’ Alan Cheong and Simon Smith wrote in a report.

For 2023, Savills is maintaining its outlook of a 2% YoY growth for Grade A CBD office rents, vacancy levels hovering at around 7% to less than 8%.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!