Office: Notwithstanding the vacancy rate that rose in Q4 2022, CBD Grade A office rents continued to climb in the quarter, driven by higher grade office developments due to the ongoing flight to quality. However, this rental uptrend might abate amidst a weakening global economy and a slowdown in tech demand.
Industrial: Rents across most industrial asset classes stayed stable in Q4 2022, except for business park and high-tech spaces that rose. For the whole of 2022, prime logistics outperformed. Although a weaker economic outlook and sharp rent increases in prior years are expected to lead to slower rental growth in 2023.
Retail: Islandwide prime retail rents continued to climb in Q4 2022 as footfall recovers with a comeback of roadshows and events. For the whole of 2022, the growth in Orchard prime retail rents outpaced other areas. Prime rental growths across the key retail submarkets should persist for 2023, albeit at a slower pace.
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