Supply-driven office market to sustain Singapore’s 10-year usage

In the US, cities are likely to have the highest future office availability, compared to those in the Asia Pacific region. This is due in large part to the excess office supply in the US, which is set to be the lowest worldwide.

The Savills Future Office Availability Index has outlined a broad trend that in 10 years, cities across the US are likely to have the highest future office availability when compared to those in the Asia Pacific region. This comes as a result of the excess office supply being the lowest worldwide.

Singapore is also expected to experience a shift in the post-pandemic office environment, as technology companies continue to embrace flexible working policies. Banks and finance companies are leading the way in returning to the office, with firms from China, Japan, and Korea setting up locations in the city-state.

Considering the trend of employees embracing hybrid working models, companies are vying to retain millennial and Gen Z staff, who value remote work, while also trying to reduce rental overheads. New office supply in Singapore was steady between 2020 and 2022, however, from 2024 to 2028, the projected new office supply stands at 3,196,000 sq ft NLA, according to the research conducted by Savills.

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The US cities of San Francisco, New York, and Los Angeles are set to see an increased office availability, due to figures prior to the Covid-19 pandemic revealing the lowest office availability rates in the US at 9.5%. Currently, 30% of the office space is vacant or due to be returned to the market in the upcoming year, which is a 30-year high.

As Singapore continues to limit the availability of land for large office developments, the narrative in the local office market is likely to revolve around a limited supply-driven market as well as an increase in secondary stock.

The findings of the Savills Future Office Availability Index suggest that cities in the US are set to have the highest future office availability worldwide, due to the excess supply of office space compared to the Asia Pacific region. This is in stark contrast to the office environment in Singapore, which may ultimately buck the trend observed in the US.