Occupancy for Grade A office space in the core CBD saw a v-shaped recovery from the trough of 91.6% in 3Q17 after the completion of Marina One East and West Towers with 1.9 million sf of office space. Since then, occupancy has recovered to a healthy 95.2% in 1Q19.
SINGAPORE (June 3): UOB KayHian is maintaining the Singapore office REIT sector at “overweight” given the sector in its second year of recovery after the market bottomed in 1H17.
UOB says continued upside for office rents is supported by tapering supply which has eased to 1.3 million sf this year, of which only 228,958 sf is within the core CBD.
