Growth in Singapore office rentals halved to 1.1% last year: Report

According to Savills Research, office rentals in Singapore grew by just 1.1% in 2023, as compared to 2.2% the year before. Analysts expect office rentals this year to remain stagnant, or even dip by 2% to 3%. Continued economic uncertainty and reduced demand for large office spaces are contributing to the sluggish rental market. Tech and social media companies have also been cutting back and not driving new demand. With major leases due to expire in 2025, analysts said landlords may start to feel the pressure only when firms negotiate new deals in the middle of the year. Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service for must-read stories: Telegram - https://cna.asia/telegram WhatsApp - https://cna.asia/whatsapp Follow us: CNA: https://cna.asia CNA Lifestyle: http://www.cnalifestyle.com Facebook: https://www.facebook.com/channelnewsasia Instagram: https://www.instagram.com/channelnewsasia Twitter: https://www.twitter.com/channelnewsasia TikTok: https://www.tiktok.com/@channelnewsasia