Commercial & Industrial Properties Singapore - Sales & Rental
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Office Spaces For Rent Singapore
OFFICE RENTAL MARKET UPDATE FOR 3RD QUARTER 2023
In the third quarter of 2023, office rents in Singapore's Central Region increased by 4.9%, surpassing the 2.3% growth in the previous quarter. Notably, the Central Area experienced a more significant rise of 5.2%, outpacing the 2.7% growth in Fringe Area office rents. This upward trend is attributed to Grade A offices, as landlords maintained rental expectations despite low vacancy rates and growing operating costs.
During Q3 2023, Category 1 office rentals decreased by 2.3%, and Category 2 office rents dropped by 4.5%. This could be influenced by distinct characteristics of transacted office spaces and a mean reversion effect following a substantial 6.7% increase in Q2 2023. Despite this, Category 1 office vacancy rates tightened to 8.0%, and Category 2 rates slightly tightened to 10.9%.
The Central Area's office vacancy rates reached a nearly 2.5-year low at 10.2%, driven by robust net demand in the Downtown Core. The financial and professional service sectors remained dominant in office demand, contributing to 58% of new leases in Q3 2023 YTD, a significant increase from 26% in the entire 2022. Singapore's status as a regional wealth hub has fueled expansion demand from asset management, financial services, and legal sectors. Additionally, there are ongoing pockets of demand from tech companies looking to expand in the region.
COSYSINGAPORE COMMERCIAL LEASING SERVICES
Let's us assist you. Engage CosySingapore Commercial Leasing Services so that you could streamline the process of renting an office space, saving time and ensuring that tenants make well-informed decisions aligned with their business needs.
Office For Rent Singapore - December 2023
Central RegionCity Fringe
Farrer Park - Aljunied - Sims Avenue - Pasir Panjang - West Coast - Clementi -Balestier - Toa Payoh - Serangoon - Boon Keng - Thomson - Macpherson - Braddell - Potong Pasir - Downtown
FEATURED BUILDING
Hong Leong Building Office Spaces
at Raffles Quay
- 45 office tower with F&B outlets and retail space on ground floor and basement
- At prime Raffles Place, beside Lau Pa Sat4 minute walk to Raffles Place MRT Station
- Also near to Telok Ayer, Downtown and Shenton Way MRT Stations
- Easily accessible via CTE
- Served as key reference point in CBD
- Column free spaces
- Efficient shape floor plate with abundant natural lighting
- Include amenities such as roof garden, BBQ pit, shower facilities, bicycle lots, Futsal Court
- Ceiling Height of 2.68 m
- Special prices for limited time
- Full Floor of around 10,700 sqft are available for Lease
- PN
Office Spaces
at Cuppage Road
- 10 storey building with retail space on ground floor
- At prime Orchard Road shopping belt
- Link to Centrepoint Shopping Centre
- Short walk to Somerset MRT Station
- 10 minute drive to Central Business District
- Easily accessible via CTE, AYE
- Include amenities such as roof garden, BBQ pit, shower facilities, bicycle lots, Futsal Court
- Ceiling Height of 3 m
- Floor Loading is 3.2 to 4 kN/m2
- RF01
Office Spaces
at River Valley
- 20 storey office tower
- 2-storey shopping centre with shops, food outlets, 24-hour gym, boutique yoga studio and supermarkets
- Amenities include 16 bicycle lots, showering facilities at designated floors, pantry on every floor
- Full sheltered drop-off point, convenient regardless of weather conditions
- Close to Tiong Bahru and Havelock MRT Stations
- Shuttle bus services to Tiong Bahru Plaza and Have lock MRT with regular intervals in the morning and evening from Monday to Friday
- 5 minute drive to Central Business District
- City fringe, easy access to AYE and CTE
- RF03
Office Spaces
at Spottiswoode Park
- Rent for Office units includes facilities fee of $0.80 psf per month
- Free 5 mins shuttle bus to and from Outram MRT & additional drop-off/pick-up points at Tanjong Pagar & Tiong Bahru during lunch Next to new Kampong Bahru bus terminal Accessible via MCE, AYE & CTE
- Located at fringe of CBD
- 24 hr CCTV surveillance
- F&B nearby
- Season parking $128 per mth
- Common shower facilities on ground floor Tenant mix include school for children with special needs, gym, cafes, serviced office & serviced apartment.
- HL07
Office Spaces
at Tanglin Road
- Located between Orchard MRT and Redhill MRT Stations
- Campus-style office property
- Rent includes facilities fee of $0.98 psf + air-con charges of $0.80 psf per mth
- Free 5 mins shuttle bus to & from Redhill mrt
- Colonial-style building
- Some cafes are within the development
- Lush greenery Complimentary parking
- 10 mins drive to Orchard Rd
- Accessible by PIE
- HL10
LET COSYSINGAPORE SOURCE FOR YOU
LET US FIND YOU THE RIGHT TENANTS
Contact CosySingapore Commercial Property Consultants at
+65 6100 8123
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Disclaimer:
The information contained on this page is for informational purposes only. It does not constitute legal, investment or other professional advice. Although the information on the website has been provided from reliable sources, we do not provide any warranty, expressed or implied, that the accuracy or completeness of any information provided.
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CosySingapore Consultants
Commercial Properties Singapore
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Hotline: +65 6100 8123
Email: CosySingapore@gmail.com
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