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In recent years, the residential market has consistently embarked on a new chapter of growth, driven by buoyant consumer sentiment, robust property launches, competitive pricing, and a conducive interest rate regime. The strength of the residential market is evident from the robust sales volume recorded in the first half of 2023, with more than 62,000 units sold in each of the two quarters.

Notably, Q2 2023 saw sales of over 64,500 units, representing a 4% quarter-on-quarter growth. Interestingly, residential sales have consistently reached new peaks in each successive quarter over the past year. Aligning with this trend, Q2 2023 surpassed the previous historic high achieved in Q1 2023, making it the highest quarterly sales since 2008.

Key trends in residential market in Q1 2023 and H1 2023:

• Backed by quality launches, quarterly sales set new benchmarks
• Residential sales surge to a 15-year high in H1 2023
• Sales of the premium segment apartments showed an upward trend
• New launches remain buoyant in Q2 2023 and H1 2023
• Bengaluru, Mumbai, and Pune constituted 62% of the quarterly sales
• Robust demand leads to rise in capital values across the top 7 cities in India

Gross leasing activity across the top seven cities of India was recorded at 12.7 mn sq ft in Q2 2023, building on the market traction sustained from the previous quarter and signalling the resilience in India’s office sector. In comparison to H1, gross leasing was also up by 2.5%, showing India’s office markets being clearly insulated from the global headwinds’ impact.

Net absorption is up 4% q-o-q but is typified by occupiers remaining slightly bearish on big expansion plans given the still swirling global headwinds of economic uncertainty. India’s net absorption across the top seven cities broke its declining trend to be at a three-quarter high. While occupiers do remain slightly bearish on expansion activity, India continues to see growth from its domestic firms and global occupiers spreading their wings, albeit at a slightly slower pace.

Space requirements have now stabilized and are showing signs of recovery with deal closures being rolled over and replaced by new requirements, keeping the demand pie intact. While the global headwinds and tech sluggishness would continue to be limiting factors, India’s resilience in the past six months is expected to sustain over the remainder of the year as well. Transaction closures will be relevant to the forecasts of 2023 with any slippages likely to keep 2023 slightly muted but positively impact the years beyond.

Key trends in office segment in Q2 2023

• Net absorption recovers to 7.95 mn sq ft; highest in three quarters
• Quarterly supply at 10.5 mn sq ft; up by 5.3% q-o-q
• Tech continues to lead quarterly occupier activity; flex consolidates its growth and is in second spot
• Rental growth endures across all major cities

As Singapore exits the pandemic and business activity returns to normal, corporate occupiers are placing more emphasis on employee productivity and on increasing office utilisation. With workplace transformation underway, there is strong demand to adapt and “build a better office” to meet the fast-evolving needs of employees and senior management. Additionally, occupiers should be actively identifying new opportunities and strategies to future-proof their portfolios.

CBRE’s 2023 Singapore Office Occupier Sentiment Survey features insights from occupiers across various industries such as financial services, technology, media, telecoms and professional services etc.

主要研究结果包括：

• Singapore’s median utilisation rate stands at 64% and this is expected to increase further over the next 6 to 12 months.
• Leasing sentiment remains cautious in near term with more opting for lease renewals and re-negotiations but 45% expect to grow their corporate portfolios over next 3 years.
• Strong demand for green buildings but amount of green premium remains low. 67% would be willing to pay a premium of less than 5%.
• Staff-to-desk sharing ratios set to increase as more companies adopt flexible seating and hybrid working. 67% plan to increase desk sharing ratios over the next 2 years.

本报告最初发表于 https://www.cbre.com.sg/insights/viewpoints/2023-singapore-office-occupier-sentiment-survey

• In Q1 2023, the industrial rental and price indices continued their tenth consecutive quarter of growth. The rental index rose by 2.8% QOQ, accelerating from 2.1% QOQ in the previous quarter, and marking the strongest quarterly growth since Q3 2013. Similarly, industrial prices rose by 1.5% QOQ, slowing slightly from the 1.7% QOQ registered last quarter.
• With a remaining supply of 10.3 mil sq ft in 2023, and an average of 10.9 mil sq ft from present till 2025, higher supply will continue to moderate rental and price growth but may also provide more options for occupiers.
• Industrial indicators remain soft, with continuous contractions recorded in manufacturing output, NODX and PMI.
• Trade tensions have resulted in industry players looking to fortify supply chains, with some looking to set up shop in Singapore, which will continue to prop up industrial demand.