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A Steady Ascent | Q3 2022 Office Market Report

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Colliers Research, Office, Office Rents, Office Sales

Core CBD Premium and Grade A office rents reached S$11.30 per sq ft in Q3 2022, surpassing pre-pandemic highs. This momentum was supported by an increase in service charges and tight vacancy.

Report highlights:

  • Rents for Core CBD Premium and Grade A office segment increased for the fifth consecutive quarter to reach S$11.30 per sq ft.

  • Leasing demand was weaker but remained resilient with net absorption at approximately 3,200 sq ft during the quarter.  

  • The vacancy rate for Core CBD Premium and Grade A office segment remained unchanged from the previous quarter at 3.4%. 

  • Average capital values for Core CBD Premium and Grade A office segment remained unchanged from last quarter at S$3,000 per sq ft. 

  • Rents for Core CBD Premium and Grade A office segment are expected to continue to trend upward for the rest of 2022. Full-year rental growth is likely to reach between 6% and 7%.

Download our latest report for insights into trends and outlook for the Singapore office market.

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Colliers Research, office, Office Rents, Office Sales

A Steady Ascent | Q3 2022 Office Market Report

Download Report
Related Experts

Catherine He

Head of Research



Catherine started her career as an Investment Analyst at IFC, the investment arm of the World Bank group, where she participated in the screening, due diligence, financial modelling, and execution of debt and equity investments. She also managed a portfolio of investments through financial analysis and the preparation of quarterly and annual reports. After completing her MBA at INSEAD, she joined Standard Chartered Bank as a Management Associate before starting her own company in Real Estate valuation and forecasting using Machine Learning. Catherine then joined Colliers from CBRE Research. 

Catherine brings to Colliers more than 15 years of experience, primarily in real estate and investments. She has worked with market data and brokers to develop consolidated views of the real estate markets in Asia Pacific, with a focus on Singapore. She was responsible for producing key market and economic updates, forecasts, and thought-leadership papers,  contributing to business development initiatives, investment advisory proposals and client presentations.

In addition, she has drafted feasibility studies and investment recommendations for top clients which include major developers, REITs, financial institutions, family offices, and funds, as well as presented research findings in client meetings and events. As a real estate research specialist with extensive experience, she looks forward to maximising the potential of property through data driven insights. 


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Bastiaan VB

Managing Director | Singapore

MD's Office


Bastiaan is the Managing Director for Colliers in Singapore. His responsibilities include the strategic direction of the Singapore office, to lead the growth and diversification initiatives, ensure superior service delivery and develop market leading teams. He oversees all business lines including Capital Markets, Investment Sales, Occupier Services, Valuations & Advisory, Industrial Services, Hotel Advisory, Research, as well as Marketing & Communications and the Human Resources and Finance Teams.

Pertinent to this assignment Bastiaan was the Head of Occupier Services in Singapore and has led complex transaction projects for diverse global multinationals and investors throughout the entire Asia-Pacific region.

In Asia - Pacific, Bastiaan lived and worked in; Singapore, Hong Kong, South Korea, Malaysia and Australia.

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