Gross Rent14 in Major Cities in Asia Pacific Singapore Grade A gross rents rose to US$9.0 per sq ft/month YoY and overtook Beijing to rank second among major Asia Pacific cities in 4Q 2023, after Hong Kong (Central). Despite most countries experiencing a decline in gross rents YoY, Singapore Source: CBRE Singapore, 4Q 2023 CBD CORE MONTHLY RENTAL VALUE Grade A gross rents rose. This increase reflected the strong fundamentals of the office market, as Singapore remains an attractive location for businesses, given its strategic location as a key gateway city within Asia Pacific. 14 Gross rents (or occupancy costs) in US$ are standardised for all markets in Net Floor Area (NFA) and value cannot be directly calculated by applying exchange rate only. Source: CBRE APAC, 4Q 2023 *Rents quoted for mainland China and India are on a face rents basis, while the rest are effective rents. The data is also standardised into net floor area. GROSS RENT ACROSS ASIA PACIFIC CITIES 13 12 11 10 9 8 7 6 Rental Value (S$/sq ft/month) Grade A CBD Core Grade B CBD Core 11.55 10.40 10.80 11.70 11.90 8.70 7.90 7.80 8.50 8.50 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 15 10 5 0 Gross Rent (US$/sq ft/month) Hong Kong (Central) Beijing* Singapore Tokyo Shanghai* Delhi (CBD) Seoul Mumbai (BKC)* Sydney Hong Kong (Kowloon East) Melbourne Delhi (Gurgaon)* 9.0 8.7 6.9 6.6 6.0 5.3 5.1 5.0 4.2 3.0 2.3 8.7 9.3 7.4 6.1 6.6 5.3 4.9 4.9 4.4 3.2 2.2 13.2 14.0 4Q 2022 4Q 2023 Overview Leadership Performance Framework Other Information ANNUAL REPORT 2023 103
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