Prime office rents in Raffles Place/Marina Bay rise 0.6% in Q3

The Q3 24 growth, however, is slower than the Q3 23 increase.

Prime Grade office rents in the Raffles Place/Marina Bay precinct slightly rose by 0.6% QoQ to $11.35 psf ppm.

Knight Frank, however, said that the Q3 24 growth is slower than the 3.4% increase recorded in Q3 2023.

Meanwhile. occupancy levels of prime offices in the precinct remained healthy at 93.4% despite the addition of IOI Central Boulevard Towers,

In the whole of the central business district (CBD), occupancy was at 93.5%.

Knight Frank attributed the health occupancy to occupiers renewing the lease expiry.

"In tandem, landlords are becoming more negotiable, prioritising occupancies in the uncertain economic climate," Knight Frank said.