_Office Market Update Q1 2025

Office occupiers seek cost neutral strategies to navigate global uncertainty

April 07, 2025

Prime Grade office rents in the Raffles Place/Marina Bay precinct remained unchanged from the previous quarter, holding up at S$11.36 psf pm in Q1 2025. On a yearly basis, rents increased by 1.4%, moderating from the 3.4% y-o-y growth recorded in Q1 2024.
At the start of 2025, most major global corporations headquartered in Singapore would likely remain in a holding pattern until more clarity surfaces in the global environment before deciding on expansion or relocation. Nevertheless, some businesses are expected to relocate in measured flight-to-quality moves when leases expire.
Despite the current tentative economic outlook, a stable Singapore remains an attractive commercial hub in the Asia Pacific region. London-headquartered private equity firm Coller Capital is an example of a recent a new office set-up in the Marina Bay Financial Centre, while co-working space operator The Great Room announced a new 36,000 sf workspace in an all-new Shaw Tower when the rebuild completes in 2025.

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