S'pore prime office vacancy rates climb to highest level in two years

The prime office market in Singapore is showing signs of softening as an increase in new space pushes vacancies to the highest level in over two years, while a jump in rents runs out of steam.

- 

Vacancy rates for Grade A offices in the Central Business District rose for the second consecutive quarter to 8.3 per cent in the July-September period, according to data released on Sept 23 by property consultancy Jones Lang LaSalle (JLL). That is the highest level since the first quarter of 2022.

Gross effective rent for the spaces was unchanged at $11.50 a month per sq ft compared with that of the previous three months, after a 0.7 per cent increase in the prior quarter, it said.