The strata office market is facing scarcity of new units, with Solitaire on Cecil selling out completely, according to a report by Knight Frank. This has sparked a surge in demand for such properties, indicating a positive shift in the market.
According to latest data, Grade-A office rents in the Central Business District (CBD) showed a marginal growth of 0.2% quarter-on-quarter in the second quarter of 2023. This slowdown in rental growth indicates a softening market, reflecting changing dynamics in the office sector. Analysts suggest that this trend may persist as the demand for office spaces continues to be influenced by ongoing economic uncertainties.
A strata office unit at Suntec City has been successfully sold for a staggering $11.5 million. This impressive transaction showcases the robustness of Singapore’s commercial real estate market amidst the ongoing economic uncertainty. The high price tag attests to the desirability and prime location of Suntec City as a commercial hub. Investors remain optimistic about the long-term prospects of the office sector, despite the current challenges faced by businesses globally.
