Strata office market slowed down to $652.9m in H1
It is a 19.8% fall from $814.1m transactions in H2 2022.
The strata office in H1 2023 posted 149 transactions from 160 sales recorded in H2 2022, Knight Frank said.
The sale of units at Solitaire on Cecil dominated the top strata office unit transactions providing a strong indication that the market has been starved of new strata office units.
The Downtown Core Planning Area recorded a total sales value of $521.5m with 61 units transacted, which consists of strata office units at Solitaire on Cecil.
Amidst the geopolitical tensions, economic uncertainties, and increasing interest rates, demand for strata offices eased.
“Despite this, the addition of new strata office stock as a result of the launch of Solitaire on Cecil spurred sales activity, with evident pent-up demand, as the introduction of new bite-sized freehold office assets of investment quality in a CBD location had been absent from the market for several years,” said Knight Frank.
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