Office Market
- Q1 2022 city-wide office occupancy levels at 81%, the highest it has been in the last 5 years
- Coming off historical lows, citywide office rents up by 15% year-on-year
- Office demand continues to be led by the services and technology sectors, particularly by fin-tech firms
- Over 480,000 sq. ft. of total office space was delivered in Q1 2022 while an additional 1.07 million sq. ft. is expected over the remainder of 2022
Residential Market
- Following years of slowdown, new project launches significantly up in Q1 2022
- The highest monthly residential transaction volumes were recorded over March 2022
- Citywide average villa sales price up by 21% and apartments by 9% year-on-year
- Citywide average villa rents are up by 23% and apartments by 10% year-on-year
- Over 6,700 residential units were delivered in Q1 2022, while a further 31,000 units are expected over the remainder of 2022, keeping the total forecast for 2022 at 38,000 units
