Group 1: Market Overview - The report highlights that despite uncertainties in the Singapore real estate market, there are positive factors supporting its development [1][2] - Global economic conditions and geopolitical tensions are identified as significant external challenges impacting the market [2][9] - Singapore's position as a regional financial hub and government policies are seen as stabilizing factors for the real estate market [2][10] Group 2: Economic Outlook - Singapore's GDP growth is projected to decelerate to 1-3% in 2025, down from 4.0% in 2024 [5][9] - Inflation is expected to ease to 1.5-2.5% in 2025, following a decline from 4.8% in 2023 [5][19] - Interest rates in Singapore are anticipated to follow a downward trend, with projections suggesting a decrease to 3.75%-4.00% by the end of 2025 [5][21] Group 3: Office Market - The office market saw a net absorption of 1.91 million sq. ft. in 2024, the highest since 2017, driven by new Grade A office developments [28] - Vacancy rates for Core CBD (Grade A) offices decreased to 4.9% by the end of 2024, indicating a flight to quality among occupiers [30] - Core CBD (Grade A) rents are expected to grow modestly by around 2% in 2025, supported by limited supply and continued demand for high-quality spaces [39] Group 4: Industrial & Logistics Market - E-commerce and logistics sectors accounted for 39% of leasing demand in 2024, indicating resilience despite challenges [46] - An estimated 4.92 million sq. ft. of logistics supply is expected in 2025, which is about 3.9% of existing warehouse stock [53] - Average prime logistics rents rose by 1.1% to $1.87 psf per month in 2024, with expectations of stability in 2025 [54] Group 5: Retail Market - Tourism recovery is projected to continue in 2025, with visitor numbers expected to rise due to new attractions and events [62][63] - Approximately 0.50 million sq. ft. of retail space is expected to complete in 2025, significantly lower than previous years, which should support retail rents [70] - Overall average retail prime rents are expected to grow by 2-3% in 2025, recovering to pre-pandemic levels [74]

从企业租赁策略来看，包含多种选择，如续租、搬迁、扩张、升级等。企业在决策时会综合考虑多方面因素，如成本、业务需求变化、市场竞争环境等。不 同策略的占比反映出市场的动态变化，这也在一定程度上影响着房地产市场的供需关系。例如，若搬迁（Relocation）比例上升，意味着对不同地段、不同 类型的房产需求会发生改变；而续租（Renewal）比例较高，则表明部分企业对现有办公场地较为满意，或者当前市场环境下续租是更经济、更符合企业发 展的选择。 在市场整体趋势方面，虽然报告中未详细阐述，但从部分信息可以推断，新加坡房地产市场面临着复杂的局面。一方面，全球经济形势、地缘政治等因素带 来了诸多不确定性，这些因素如同"迷雾"，给市场发展增添了风险和挑战。例如，全球经济的波动可能影响企业的投资决策和扩张计划，进而减少对商业地 产的需求；地缘政治紧张局势可能导致外资流入减少，影响房地产市场的资金供应。另一方面，新加坡房地产市场也存在一些积极因素，如同"曙光"。新加 坡作为区域金融中心和国际贸易枢纽，具有较强的经济吸引力，这为房地产市场提供了一定的支撑。同时，新加坡政府的相关政策，如土地供应政策、住房 保障政策等，也会对市场产生 ...