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.
