Surveyors report stable commercial property market amid healthy demand

A net balance of +7 surveyors noted an increase in developments in Singapore.

The local commercial property market remained "relatively stable" in 1Q24 amidst healthy demand and supply, the Royal Institution of Chartered Surveyors (RICS) reported.

In its Commercial Property Monitor Q1 2024 report, RICS said occupier demand remained resilient with a net balance of +0 of respondents “noting a healthy amount of demand for commercial property in the region, and an equally healthy availability of properties (+33).”

In response to the demand, more developments are rising in Singapore, with a net balance of +7 of surveyors having a positive outlook for this indicator.

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Meanwhile, more than three-quarters of surveyors also see a modest rise in office space repurposing in Singapore. 

A similar number of surveyors confirmed an increase in office tenants looking to downsise, potentially due to the global rise in employees working from home.

Surveyors report a positive outlook on office tenant demand with a +13 net balance, contrasting with a negative outlook for the retail sector at -13.

The survey also revealed that investment inquiries in Singapore are increasing, with a net balance of +13 surveyors confirming this trend.