Singapore Office Market Current Sentiment Improved In Q4 2021: NUS+RE Survey
SINGAPORE – Property experts and market watchers have become more upbeat regarding the current state of the republic’s office market, according to the Real Estate Sentiment Index (RESI) published by the National University of Singapore (NUS) Real Estate (NUS+RE) on Thursday (18 February, SGT).
National University of Singapore (NUS) Real Estate (NUS+RE), collectively represents Department of Real Estate (DRE) and its Institute of Real Estate and Urban Studies (IREUS).
In particular, the current net balance for the local office market improved from 20 percent in the Q3 2021 survey to 35 percent during the period under review. However, the future net balance declined from 50 percent to 43 percent during the period under review.
Notably, the current net balance refers to the overall outlook of respondents on how Singapore’s office property market fared from now and until the last six months. On the other hand, the future net balance pertains to their expectations for the next six months.
“The office, suburban retail and industrial/logistics sectors were tied at the top with a current net balance of +35 percent,” said NUS+RE in its latest report.
“The prime retail sector shows the largest improvement in sentiments in the current net balance was, with its current net balance increasing from -33 percent in Q3 2021 to +16 percent in Q4 2021. In contrast, the current net balance of the Prime Residential sector moved into negative territory as it decreased from +54 percent in Q4 2021 to -13 percent in Q4.”
RESI objectively measures the confidence of senior executives in Singapore’s real estate and development industry. The survey gauges respondents’ perceptions and expectations of current and future property market conditions.
A standard format questionnaire is mailed out electronically to industry experts. Respondents include developers, consultants, financial institutions, professional firms and service providers.
