According to the latest data released by the Urban Redevelopment Authority (URA) , the office rental market in Singapore saw a second consecutive quarter of decline in Q4 2024, following a strong rebound in Q2 2024.

Office rents in Singapore’s central region fell 0.9 percent in the fourth quarter of 2024, extending a 0.5 percent drop in the previous quarter. Despite the decline in the second half of 2024, office rents for the full year remained flat from the preceding 12 months, when leasing rates had climbed 13.1 percent.

The URA also released statistics on the residential and retail property market for 4Q24.

Dr. Chua Yang Liang, Head of Research and Consultancy for Southeast Asia at JLL, unpacks URA's latest statistics.