2025年新加坡房地产市场展望报告-虽有迷雾难掩曙光（英文版）-世邦魏理仕

Group 1: Core Insights - The report highlights that despite uncertainties in the Singapore real estate market, there are positive factors that provide support [1][2] - Companies are adopting various leasing strategies, including renewal, relocation, expansion, and upgrading, which reflect the dynamic changes in the market [1] - The report suggests that an increase in relocation indicates changing demand for different property types and locations, while a high renewal rate suggests satisfaction with current spaces [1] Group 2: Economic Overview - Singapore's GDP growth is projected to decelerate to 1-3% in 2025, down from 4.0% in 2024, influenced by external challenges such as protectionist policies and geopolitical tensions [9][10] - Positive factors supporting growth include a stable labor market and potential government fiscal support due to significant national events in 2025 [10][11] - The Urban Redevelopment Authority's Draft Master Plan 2025 is expected to outline land use and development strategies for the next 10-15 years, impacting the real estate landscape [11] Group 3: Office Market - The office market in Singapore saw improved net absorption in 2024, reaching 1.91 million sq. ft., the highest since 2017, driven by new Grade A office developments [28] - Leasing momentum may slow in 2025 due to anticipated economic deceleration, with businesses likely to prefer lease renewals over relocations [29] - Vacancy rates for Core CBD (Grade A) offices decreased to 4.9% by the end of 2024, indicating a flight to quality trend [30] Group 4: Industrial & Logistics - E-commerce and logistics sectors remain resilient, accounting for 39% of leasing demand in 2024, driven by a strong appetite for modern logistics facilities [46] - The Johor-Singapore Special Economic Zone (JS-SEZ) initiative is expected to attract significant investments while allowing firms to retain core operations in Singapore [49][50] - New warehouse supply is projected at 4.92 million sq. ft. in 2025, which is about 3.9% of existing stock, alleviating downward pressure on occupancy rates [53] Group 5: Retail Market - Tourism recovery is expected to continue in 2025, supported by increased flight capacity and new attractions, which will positively impact retail demand [62][63] - Limited future retail supply, estimated at 0.50 million sq. ft. in 2025, is expected to support retail rents [70] - Overall average retail prime rents are projected to grow by 2-3% in 2025, recovering to pre-pandemic levels due to tourism recovery and limited new supply [74]