Chart of the Day: See how office space supply, demand fluctuated since 2002

You'll notice a surprising trend.

According to Savills, although office leasing activity in the CBD has been characterised  by small deals over the last few quarters, some big transactions have emerged recently. 

For example, Rabo Bank has pre-committed to 25,000 sq ft of space at South Beach Tower on Beach Road, which is slated to be completed by the end of 2014.

Here's more from Savills:

CapitaLand Group has also leased a total of about 141,000 sq ft at Capital Tower, located opposite Tanjong Pagar MRT Station, to house all its business units.

Earlier, they had intended to move to Westgate Tower in Jurong Gateway. In the reviewed quarter, Asia Square Tower 2 at Marina View and The Metropolis Tower 1 at one-north received TOPs. Together with The Metropolis Tower 2 and Jem at Jurong Gateway, which are expected to complete next quarter, these developments will provide a total of about 2.2 million sq ft of prime office space.

These projects constitute the last of the new supply until the end of next year when a number of new offices is expected to enter the market. Take-up was much better in the suburban market where the Metropolis and Jem achieved occupancy rates of above 90% and 100% respectively by the end of September.

In the CBD, Asia Square Tower 2 managed to secure tenants for approximately 30% of its space. In Q3, buying activity in the strata office segment was affected by the TDSR framework which came into force on 29 June 2013.

Island-wide, only 113 caveats of strata-titled office transactions were recorded in Q3/2013, less than half of the 230 caveats in Q2 and 61.7% less than the 295 caveats in Q1