Citicon Estates LLC: Singapore Real Estate Market Trends
Citicon Estates LLC examines the mixed performance of Singapore’s commercial real estate market from 2022 to 2024, highlighting key trends.
The commercial real estate market in Singapore has exhibited mixed performance across various sectors from 2022 to 2024. Warehouse space demand surged due to the e-commerce boom, with a 4.2% increase in total space in 2022 and occupancy rates reaching 91%. This growth continued with a 3.8% rise in 2023, pushing occupancy to 92.5%. Rental rates for warehouse space grew by 5% in 2022, averaging SGD 2.10 (USD 1.55) per square foot per month, and further increased by 4% in 2023 to SGD 2.18 (USD 1.61). For 2024, the trend is expected to persist with a 3.5% increase in space, a 93% occupancy rate, and rental rates averaging SGD 2.26 (USD 1.67) per square...