Singapore Prime Office Rents Reach Highest Levels Since 2008 Amid Global Downturn

Singapore prime office rents hit a 15-year peak in Q1, defying global property downturn. Premium CBD space rents surged to S$11.42 ($8.48) per square foot, highest since 2008. Despite Western cities’ slump, Singapore’s market thrives due to office return and wealth boom. Vacancies dropped to 5.3%, but large occupier demand remains subdued. JLL predicts 1.5M sq ft of unsecured office space by 2025 amidst a surge in new constructions.

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