Office: CBD Grade A office rents grew in Q3 2023 as vacancy rates tightened. Net demand for CBD Grade A offices stayed positive with occupiers continuingly seeking quality spaces. Office rental growth in subsequent quarters, however, could moderate when more supply streams into the market.
Industrial: Rents across most industrial property types have held constant in Q3 2023. Overall industrial vacancies continued to tighten amidst limited availability of supply. Although industrial leasing inquiries have fallen, activities could pick up towards end-2023 as the manufacturing sector improves.
Retail: Islandwide prime retail rents continued to rise in Q3 2023, on the back of improving tenant sales and limited new supply. Orchard prime retail rents led growth amidst a pickup in visitor arrivals. Despite the weakened economic outlook, retail rental growth should persist in the short-term.
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