To The Moon

In 3Q25, the Urban Redevelopment Authority (URA) reported a modest tightening in office vacancy rates, easing from 11.4% in 2Q25 to 11.2 per cent. According to CBRE Singapore, Grade A office rents increased 2.1% year-on-year, underpinned by constrained new supply in the CBD core over the coming years.

This trend supported stronger performance among Singapore-listed office REITs, driven by healthy occupancy levels, positive rental reversions, and proactive asset management strategies.

The S-REITs with significant Singapore office exposure are $CapLand IntCom T(C38U.SI)$ $Mapletree PanAsia Com Tr(N2IU.SI)$ $Keppel Reit(K71U.SI)$ $Suntec Reit(T82U.SI)$ $OUEREIT(TS0U.SI)$. 

1. $CapLand IntCom T(C38U.SI)$

In the third quarter of 2025, CICT’s overall portfolio occupancy rate increased from 96.3% to 97.2% as at Sep 30. The office portfolio segment recorded the largest improvement, rising by 1.6% to 96.2%, with growth observed across Singapore, Germany, and Australia.

The weighted average lease expiry (WALE) for the office portfolio was 3.3 years. Average rents for CICT’s Singapore office properties reached S$10.92 per square foot per month, representing a 1.9% increase year-on-year. During the quarter, CICT completed the acquisition of the remaining 55% interest in CapitaSpring, resulting in full ownership of the asset.

2. $Mapletree PanAsia Com Tr(N2IU.SI)$

MPACT’s office portfolio remained stable, with Singapore assets reporting occupancy rates of 93.0% at Mapletree Business City and 99.1% at other office and business park properties as at Sep 30. Tenant retention rates were approximately 87%, and the weighted average lease expiry (WALE) for office and business park assets was 2.4 years.

Overall portfolio revenue and net property income declined year-on-year, primarily due to asset divestments and lower contributions from overseas markets. On a comparable basis, Singapore properties recorded higher revenue and net property income. The trust continued its portfolio optimisation by divesting two Japan office buildings, maintaining its focus on core markets and quality assets.

3. $Suntec Reit(T82U.SI)$

Suntec REIT’s Singapore office portfolio maintained an committed occupancy of 98.5% as at Sep 30. Rent reversions were positive, with Suntec City Office achieving a 6.8% increase and One Raffles Quay and MBFC Towers 1 & 2 recording a 12.7% uplift year-to-date. Lease expiries are well spread, with a WALE of 2.5 years. Gross revenue and net property income increased, supported by higher rents and lower operating costs. The manager expects stable performance going forward, underpinned by limited new supply and ongoing proactive tenant engagement.

4. $Keppel Reit(K71U.SI)$

Keppel REIT, maintained a committed occupancy of 96.3% as at Sep 30, with a weighted average lease expiry of 4.7 years. The REIT achieved a robust rental reversion of 12.0% for leases signed during the period, supported by demand from financial services, technology, and other sectors. NPI increased, driven by higher rentals and stable occupancy. All Singapore office assets hold BCA Green Mark Platinum certification, with Ocean Financial Centre and Keppel Bay Tower also recognised for Super Low Energy status.

5. $OUEREIT(TS0U.SI)$

Elsewhere, OUE REIT’s Singapore office portfolio reported committed occupancy of 95.3% and a positive rental reversion of 9.3%. Average passing rent rose to S$10.91 psf per month. Like-for-like commercial revenue grew 4.2% year-on-year, and NPI increased 3.8%, supported by higher rents across all assets. The REIT notes that Singapore’s office market continues to benefit from resilient demand, limited new supply, and a flight-to-quality trend, supporting portfolio stability and growth.

Meanwhile, LREIT completed the divestment of its Jem office component, with an approximate S$8.9 million gain on disposal available for distribution to unitholders.

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