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Singapore Market Outlook H2 2024

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Singapore’s economy is expected to grow by 2.3% in 2024, higher than the 1.1% growth seen in 2023. However, growth forecasts have been adjusted downward from nearly 3% at the beginning of the year. Despite the slower-than-anticipated growth, unemployment remains low and wage growth is strong, indicating economic resilience. Inflation is also expected to decrease in 2024.

Market Highlights:

  • Office: CBD Grade A office vacancy rates increased to 5.4% in Q2 2024, up from 3.6% in Q1 2024. While demand from Banking and Finance occupiers has slowed, the growth of family offices and rising investment interest in Southeast Asia are expected to fuel future expansion in wealth management firms.
  • Industrial: Demand varies by property type, with logistics and factories in steady demand, while office-like properties face reduced demand due to hybrid work and space optimization.
  • Retail: Orchard prime retail rents grew by 2% YTD in H1 2024, outperforming Suburban and Other City Area prime retail rents. The recovery in tourism, bolstered by the Singapore-China visa-free scheme and a strong line-up of leisure and MICE events, is driving this growth.
  • Residential: Buyers are exercising caution due to current cooling measures, loan curbs, high interest rates, and steep price levels. Overall volumes have fallen, with an estimated 9,500 units in H1 2024, similar to H1 2023.
  • Hotel: Although occupancy rates are below pre-pandemic levels, hotel Revenue per Available Room (RevPAR) continues to grow moderately. The Average Room Rate (ARR) has also increased, supported by the tourism recovery and higher operating costs.
  • Capital Markets: Investment volumes rose 56.6% YoY to $10.4 billion in 1H2024. Investors remain keen to deploy capital, with dry powder in APAC reaching US$68.0 billion in Q1 2024, more than double the 2014 tally.
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Natalie Craig
Natalie Craig

Chief Executive
Singapore

Anshul Jain
Anshul Jain

Chief Executive
India, SE Asia & APAC Tenant Representation

Jeryl Teoh
Jeryl Teoh

Senior Director
Commercial Leasing, Singapore

Deyang Leyong
Deyang Leyong

Senior Director
Commercial Leasing, Singapore

Brenda Ong
Brenda Ong

Executive Director
Head of Logistics & Industrial Services Singapore

Shaun Poh
Shaun Poh

Executive Director
Head of Capital Markets Singapore

Xian Yang Wong
Xian Yang Wong

Head of Research
Singapore & SEA

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