Singapore’s Office Market To Outperform ASEAN Peers’ In 2022
SINGAPORE – The city-state’s office property market is expected to outperform the other countries in Southeast Asia, as it leads the region in vaccinating its workers, reported TODAY on Thursday (3 February, SGT).
“Singapore is performing strongly in this area, having fully vaccinated the vast majority of its eligible population and welcomed 50 percent of workers back to the office again,” commented Greg Hyland, Head of capital markets for Asia Pacific at real estate consultancy CBRE.
“CBRE expects Singapore to lead recovery in the region in grade A office rents, with predicted increases of about 10 percent, compared to an average of 1 percent forecasted for the rest of Asia Pacific. The country has also seen commercial space and retail spend almost return to pre-COVID levels.”
As such, the city-state’s office property market is expected to emerge faster from the slump caused by the COVID-19 pandemic as compared to its neighbours in Southeast.
“Long seen as a safe haven, Singapore’s properties have remained resilient through the pandemic with prices rising 13 per cent on average over the last two years to outperform the rest of the region,” commented Christine Li, Research Head for Asia Pacific at the property consultancy Knight Frank.
Aside from that, real estate experts and market watchers reckon that Singapore’s economic recovery is expected to be more evident during the second half of 2022.
