Staff Reporter
The market has had stable transaction volumes over the past year.
In a report, Knight Frank said the strata office market in Singapore has been characterised with stable transaction volume in the past 12 to 18 months even though there is an overall lack of new inventory for this niche real estate type.
Due to the consistent demand, more owners of existing office buildings have been considering the stratification of their assets to meet the interest from smaller businesses and private wealth groups.
Here’s more from Knight Frank:
Typically, boutique-sized buildings in the CBD will undergo asset enhancement initiatives (AEI) and if feasible, strata-subdivision to provide more of these commercial units in an office market that is largely dominated by big established landlords. After all, strata office space affords the flexibility of mixing and matching owner occupation with investment for recurring income, depending on the preferences of buyers/investors.
With enhanced units from VisionCrest in the Orchard Road area and 108 Robinson Road in the CBD providing opportunities to such prospective purchasers, the strata office market could probably chalk up a total transaction value of S$1.0 billion for the whole of 2024.
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