2Q 2023 – Office Property Market

For 2Q2023, the rental index for the office market rose by 2.3% following a 5.1% increase in the previous quarter. Similarly, there was a 1.0% growth in the price index following an absence of growth in the preceding quarter.

The rental indices for central area offices and fringe area offices rose by 1.5% and 8.1% respectively. Median rents were raised to approximately $11.50 psf in 2Q2023 for Premium and Grade A offices in the CBD. The rise in city fringe rents can be attributed to tenants leaving the CBD for cost-saving alternatives in the city fringes.