Prime grade office rents up 1.4% QoQ in Q3

Average rent in the Raffles Place / Marina Bay precinct is now at $10.51 psf pm.

Prime grade office rents rose by 1.4% QoQ in the third quarter, data from Knight Frank showed.

Average rent in the Raffles Place / Marina Bay precinct is now at $10.51 psf pm.

According to Knight Frank, the market balance has shifted to landlords providing support for the higher rents this quarter due to the non-excessive supply of new office inventory coupled with increasing demand for prime space.

Meanwhile, occupancy levels in the Raffles Place / Marina Bay precinct and overall CBD also remained healthy at 95.4% and 93.6%, respectively.

"Many businesses are bringing employees back to the office as functions resume to pre-pandemic levels and as companies expand headcount in the second half of the year to meet the operational needs of a normalising economy," Knight Frank said.