2025年第二季度新加坡写字楼市场更新

93.7% CBD Occupancy:Q-O-Q “Singapore’s office occupiers are moving away from static space strategies tofocus on portfolios that flex, support continuity, and can absorb a degree ofbusiness disruption.” S$11.38PSF PM CALVINYEO,HEAD,OCCUPIERSTRATEGYANDSOLUTIONS Prime Office Rents:Q-O-Q Tower previously held by the landlordfor Meta and another 10,000 sf thatwas given up by energy giant BP. Newand modern offices remained indemand, keeping occupancy rates highin prime CBD areas as rentsstabilised.Other occupiers embarked on office market, rents have notincreasedinany significant manner in the first half ofthe year as landlords also continued tofocus on keeping buildings filled amid theongoing trade tensions and escalatingglobal uncertainty. RENTSANDOCCUPANCY Prime Grade office rents in theRaffles Place / Marina Bay precinctrecorded a marginal 0.2% increase inQ2 2025, moving up slightly to anaverage of S$11.38psfpm. Coupledwith no increase in Q1, rental movementwas essentially flat with a mere 0.2% gainin the first half of 2025, slowing from the1.3% increase between January and Juneof 2024. Most occupiers continued toprefer renewing at their current locationrather than to expand or relocate due tothe avoidance of relocation capitalexpenditure (capex) where possible.As such, occupancy levels in the expansion moves although these werefew and far between. For instance,Jefferies Financial Group is reportedlyrelocating from UOB Plaza to a largerspace at Ocean Financial Centre, dueto growth in headcount and needing alarger workspace to support expandedoperations.QuantedgeCapital wasreported to lease 30,000 sf of space atCapital Square, almost triple the10,000 sf plus it previously occupied atTokio Marine Centre. At the sametime, Sumitomo Mitsui BankingCorporation (SMBC) has beenreported to be in advancednegotiations to lease approximately30,000 sf at Capital Square as part ofits expansion. These moves reflect acautious but forward-lookingconfidence among selected corporatesin the long-term viability of Singaporeas a corporate location in South-eastAsia and the Asia-Pacific rim. DEMAND DRIVERS Whilethe majority ofoffice occupiersstayed-put in existing premises, there wasa wave of corporate relocations during thequarter that was driven by flight-to-qualitymoves. This resulted in some reshuffling ofoffice space in several buildings in both theCBD and fringe areas. For instance,Prudential Singapore’s move to LabradorTower freed up approximately 73,300 sf atMarina One, which was taken up bySinglifeas it consolidated operations fromSGX Centre 2 and OUE Downtown 2.Similarly, Bank of New York Mellon filledthe 40,000 sf of space in Marina One East Raffles Place / Marina Bay precinct,and in the overall CBD remainedhealthy and stable at 94.7% and93.7% respectively in Q2 2025.Despite the tight occupancy levels in the A survey in Knight Frank’s(Y)OUR SPACE 2025 report among292 global corporates found that37.7% placed top priority in enhancingoperational efficiency and resilienceinlight ofthe global economicheadwinds. At a distant second andthird in the list of priorities, 15.4% aimto right-size their office portfolios and14.0% have a real estate strategy ofsupporting workplace flexibility. Thesetop three goals observed in the surveyalsocharacterisedSingapore’s office market as occupiers move away from static space strategies and focus on portfoliosthat flex, support continuity, and can absorb a degree of business disruption withoutdragging down operations. For further information onthe report, please contact: ECONOMIC SENTIMENT AND OUTLOOK After the completion of IOI Central Boulevard Towers and Keppel South Central, the CBDoffice landscape will enter a period of limited new supply until 2028, when almost 3.2million sf of office spaces is slated to come onstream. This includes the redevelopment ofClifford Centre and Singtel Comcentre, as well as the office component of TheSkywaters. Calvin YeoHeadOccupier Strategy and Solutions+65 6228 6887calvin.yeo@sg.knightfrank.com Regardless of the supply pause, traditional large-space occupiers will continue to right-size their footprints or maintain the status quo. At the same time, leasing activity is expectedto pick up among small and mid-size occupiers making flight-to-quality moves to keep upwith the latest workspace environment, especially those seeking spaces of around 2,000 sf to3,000 sf. At the beginning of 2025, the Ministry of Trade and Industry (MTI) projected aneconomic growth of 1% to 3% for the year. However, following the announcement of broad-based US tariffs and reciprocal tariffs by other countries in response, MTI revised its forecastdownwards to a more modest range of 0% to 2%. Both business and consumer sentimentsare expected to be more cautious resulting in a weaker global demand outlook. Despite this,Singapore remains well-positioned amid the global uncertainty, continuing to attract andretain corporate headquarters. Global corporations that are al