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Savills Research Forecasts Singapore Office Rents Softening in 2024 On Record Building Completions

Oct 21 – Savills Research forecasts Singapore office rents softening in 2024 due to the record levels of CBD and non-CBD building completions. In 2024, arising from the economic and political flareups, and because of the spike in CBD (Central Boulevard and Keppel South Central) and non-CBD supply (Labrador Tower and Paya Lebar Green), the forecast is a -2% to -3% YoY change, followed by 0% change for 2025. Some landlords may use this time to undertake extensive asset enhancement work for their buildings, the real estate consultancy said in a report.