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SINGAPORE MARKETBEAT REPORTS

Xian Yang Wong • 11/10/2022

Office: CBD Grade A office net demand in Q3 2022 reached a quarterly high since Q4 2019. With tightened vacancy rates, CBD Grade A office rents rose in the quarter. The robust office demand has spilled over towards the CBD Grade B and decentralised office markets as their vacancy rates also came down and drove rents higher. Both the CBD and decentralised office submarkets witnessed rental growths, supported by a return-to-office momentum. CBD Grade A office rents continued to climb although vacancy rates increased. Decentralised office rents also rose along with tightened vacancy rates. 

Industrial: Rental increases were observed for all industrial asset classes in Q3 2022 as vacancy rates remained relatively tight. Although rental growths in warehouse and prime logistics segments have moderated as more new supply comes onstream alongside a temporary slowdown in demand.

Retail: Retail rents retained growth across the board in Q3 2022 midst the return of tourism spending and lifting of safe management measures. While prime retail rents in Orchard and Other City Areas are still fairly below their pre-pandemic levels, Suburban prime retail rents are only slightly lower than their 2019 levels. Retail market recovery maintained traction. Orchard and Suburban prime retail rents grew on the back of the relaxed safe management measures and recovering tourism. While Other City Areas prime retail rents increased as more workers returned to the office.

Investment: Total investment volume in Q3 2022 moderated in Q3 2022 given more cautious market sentiments amidst heightened macro-economic headwinds. Although sales momentum could slow further in the next quarter, capital values are expected to stay robust as rents across various sectors continue their upward trend. Total investment volume in Q2 2022 surged due to rising investment activities across different sectors. The commercial property market overtook residential sector to account for the largest share of total investment volumes in Q2 2022.
 

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