FIGURES | SINGAPORE | Q2 2022

FIGURES | SINGAPORE | Q2 2022

Resilient despite headwinds

TABLE 1: Quick Figures
+3.7% +5.6% 1.9% Office Q2 2022 Q-o-Q Y-o-Y Residential Q2 2022 Q-o-Q Y-o-Y
GDP Growth Y-o-Y CPI Inflation Y-o-Y 3M SIBOR
(Q1 2022) (Jun 2022) Grade A Rent $11.30 +3.2% +7.6% Prime Rent $4.95 +8.3% +16.2%
(May 2022)
Capital Value $3,050 +1.7% +7.0% Capital Value $1,915 -2.3% +7.8%
Note: CBRE Research, Singstat, ABS, Q2 2022 Net Yield * 3.4% Net Yield 2.5%
Retail Q2 2022 Q-o-Q Y-o-Y Industrial* Q2 2022 Q-o-Q Y-o-Y
Prime Rent Prime Logistics
Executive Summary $34.20 0.0% -1.0% $1.53 +2.7% +7.0%
(Orchard) Rent
‒ Office: The pace for rental growth in Core CBD (Grade A) accelerated to 3.2% q-o-q in Q2
2022. This was also the fastest pace of increase since the recovery in Q2 2021. Capital Value $7,350 0.0% 2.1% Capital Value $213 +6.5% +15.1%
Net Yield 4.8% Yields 6.5%
‒ Business Parks: Occupier interest for business parks was relatively steady, though overall
leasing demand was capped by tight occupancies in the City Fringe submarket. Business Park Q2 2022 Q-o-Q Y-o-Y Investment** Q2 2022 Q-o-Q Y-o-Y
‒ Retail: Leasing activity remained stable in Q2 2022, with islandwide retail rents stabilising for Rent (City
$6.00 +0.8% +3.4% Total Volume $9.024 bn -11.3% +27.5%
the third consecutive quarter. Fringe)

‒ Residential: Following the lull period in Q1 2022, sales volumes in Q2 2022 saw an uptick as Source: CBRE Research, Q2 2022 Source: CBRE Research, Q2 2022
developers rolled out more new homes. Q2 2022 preliminary figures show that 2,370 new All capital values and yields stated as prime. Rents are quoted on a $ * 30-year prime logistics data provided.
homes were sold, picking up from 1,825 units sold in Q1 2022. psf per month basis and capital values on a $ psf basis. ** Investment volumes are preliminary. All transactions above S$10
* Yield calculation methodology revised based on an average of mil
‒ Industrial: Strong demand was capped by the lack of available space, particularly in the rolling eight quarter rents.
prime logistics segment.
‒ Investment: Preliminary real estate investment volumes in Singapore for Q2 2022 declined
11.3% q-o-q to $9.024 bn. This brought H1 2022 investment volumes to $19.193 bn, a 56.4%
increase y-o-y.

1 CBRE RESEARCH © 2022 CBRE, INC.

 FIGURES | SINGAPORE | Q2 2022
COVID-19 Updates (Q2 2022 onwards)
Apr 2022
1 1
Transition to Vaccinated Travel Framework
Vaccinated Travel Framework replaced VTL
scheme
All fully vaccinated travellers, except those from
MOH’s restricted category, allowed to enter
Singapore quarantine-free
Removal of quotas on number of daily arrivals
22
Stepdown of DORSCON level
Step down of the Disease Outbreak Response
System Condition (DORSCON) framework from
Orange to Yellow
Relaxation of community measures
Group size limit removed. Optional mask
wearing outdoors. Safe distancing no longer
required
Source: CBRE Research, Various news articles, MOH, Apr to Jul 2022
2 CBRE RESEARCH
A Timeline of Events
May 2022
Removal of work permit requirement
Fully-vaccinated non-Malaysian Work Permit
Holders no longer required to apply for entry
19 approvals to enter Singapore
All nightlife businesses allowed to fully
reopen
Nightlife establishments allowed to fully reopen
with Safe Management Measures (SMMs) in place
Jun 2022
Patrons required to produce a negative ART
before entry to nightlife establishments where
dancing is present 14
Further easing of SMMs
Capacity limit removed for nightlife
establishments with dancing among patrons.
Patrons no longer needed a negative ART
result to enter the venues
26
Relaxation of border measures
Fully-vaccinated and well travellers no longer
needed to be tested before entering Singapore
Relaxation of workplace measures
All employees may return to the workplace
© 2022 CBRE, INC.
 FIGURES | SINGAPORE | Q2 2022

Office FIGURE 1: Office Supply-Demand (Islandwide)

mil sq. ft. Vacancy
Demand for office space still healthy 1.5 8%

The positive momentum from 2021 and Q1 2022 carried over to Q2 2022 as Singapore eased 1.1
workplace restrictions, announcing that 100% of employees may return to the office from 26 Apr 6%
2022. In Q2 2022, AXA Tower commenced demolition works and was removed from CBRE 0.7
Research’s office stock. Excluding the effect of AXA Tower’s removal, islandwide net absorption 4%
remained positive for the quarter. 0.3

2%
Fastest pace of rental increase since Q2 2021 -0.1

-0.5 0%
Vacancies in Core CBD (Grade A) submarket further tightened to 4.4%. This has emboldened

Q2 20

Q2 21

Q2 22
Q3 20

Q3 21
Q2 17

Q2 18

Q2 19

Q1 20

Q4 20
Q3 17

Q1 21

Q4 21

Q1 22
Q3 18

Q3 19
Q4 17

Q1 18

Q4 18

Q1 19

Q4 19
landlords to raise their rental expectations. Thus, the pace for rental growth in Core CBD (Grade
A) accelerated from 1.4% q-o-q in Q1 2022 to 3.2% q-o-q in Q2 2022. This was also the fastest
pace of increase since the recovery in Q2 2021. In addition, the confidence spilt over to other Net Supply Net Absorption Vacancy rate (RHA)
submarkets, resulting in a broad-based rental recovery islandwide. Source: CBRE Research, Q2 2022

Non-bank FI and legal sectors as active demand drivers

TABLE 2: Office Vacancy Rates TABLE 3: Singapore Office Rents
Vacancy rates for Core CBD inched up to 6.4% in Q2 2022, attributed to the turnover of
secondary office space, which is likely to be backfilled in the following quarters. In the Q4 21 Q1 22 Q2 22 Q2 22 Q-o-Q Y-o-Y
Decentralised areas, the completion of Rochester Commons, which was fully committed,
Core CBD 4.5% 4.5% 4.4% Core CBD $11.30 3.2% 7.6%
contributed to the positive net absorption of 0.22 mil sq. ft. in Q2 2022. Leasing transactions
(Grade A) (Grade A)
were largely driven by renewals, though there was also activity by new set-ups in the legal sector
and non-bank financial institutions. Islandwide 6.3% 5.8% 6.0% Core CBD $8.40 3.7% 5.7%

Prospects still positive despite near term volatility Core CBD 6.7% 6.2% 6.4% Core CBD $8.15 3.8% 5.2%
(Grade B)
Fringe CBD 6.7% 6.2% 6.8%
The recent tech market volatility may have raised concerns of demand cooling for office space in Islandwide $7.55 3.4% 5.6%
Singapore, but CBRE Research expects well established and financially-sound tech companies to Decentralised 4.9% 4.5% 4.3% (Grade B)
continue to grow their footprint in Singapore as their long-term prospects remain intact. Core Source: CBRE Research, Q2 2022
Source: CBRE Research, Q2 2022
CBD (Grade A) rents have grown by 4.6% year-to-date. With a stable domestic economic outlook,
alongside a back-to-office recovery and limited new supply pipeline, CBRE Research expects
Core CBD (Grade A) office rents to grow 8.3% for the full year, compared to 3.8% for 2021.

3 CBRE RESEARCH © 2022 CBRE, INC.

 FIGURES | SINGAPORE | Q2 2022

Business Parks FIGURE 2: Business Park Supply-Demand (Islandwide)

mil sq. ft. Vacancy

Further improvement in the City Fringe occupancy 0.6 14%

14%
Occupier interest for business parks was relatively steady, though overall leasing demand was 0.4
capped by tight occupancies in the City Fringe submarket. This led islandwide net absorption to 13%
increase slightly by 13,178 sq. ft. in Q2 2022. The vacancy rate for the City Fringe submarket 0.2 13%
declined for the fourth consecutive quarter to 4.4% in Q2 2022, from 4.7% in Q1 2022 while that
12%
for Rest of Island submarket inched up to 18.2%. This caused a further widening of performance 0.0
between the two submarkets. CBRE Research also observed that some developments in the 12%
Rest of Island submarket were undergoing AEIs to improve occupancies.
-0.2 11%

Q2 20

Q2 21

Q2 22
Q3 20

Q3 21
Q2 17

Q2 18

Q2 19

Q1 20

Q4 20

Q1 21

Q4 21

Q1 22
Q3 17

Q3 18

Q3 19
Q4 17

Q1 18

Q4 18

Q1 19

Q4 19
Steady interest from pharmaceutical and biomedical companies
Net Supply Net Absorption Vacancy Rate (%)
Similar to previous quarters, there was steady leasing interest from pharmaceutical and
biomedical companies which were actively seeking to expand their R&D and lab facilities. It was Source: CBRE Research, Q2 2022

noted that their preference was mainly confined within the City Fringe. Less downsizing activity
was seen for renewals among the banking sector, which is a positive sign for the overall FIGURE 3: Business Park Vacancy TABLE 4: Singapore Business Park Rents
business park sentiment.
Vacancy
Q2 22 Q-o-Q Y-o-Y
Widening rental gap between City Fringe and Rest of Island 20%
City Fringe $6.00 0.8% 3.4%
Continued take-up in the City Fringe submarket led rents to increase for the fifth consecutive 16%
Rest of Island $3.65 0.0% 0.0%
quarter by 0.8% q-o-q to $6.00 psf/month. For the Rest of Island submarket, rental performance 12%
was more muted with rents maintaining at $3.65 psf/month as landlords continued to prioritise TABLE 5: Known Business Park Pipeline (sq. ft.)
8%
raising occupancy.
4% City Fringe Rest of Island
High supply concentration risk in Rest of Island
0% 2022 0.00 mil 1.46 mil

Q2 20

Q2 22
Q3 20

Q2 21
Q3 21
Q2 17

Q2 18

Q2 19

Q1 20

Q4 20
Q1 21

Q4 21
Q1 22
Q3 17

Q3 18

Q3 19
Q4 17
Q1 18

Q4 18
Q1 19

Q4 19
The average annual pipeline supply over the next three years will be at a historical high at 1.53 2023 0.30 mil 0.43 mil
mil sq. ft. per annum, with higher concentration risk in the Rest of Island submarket. This could
potentially exert more pressure on Rest of Island rents. On the other hand, rents in City Fringe Rest of Island City Fringe
2024 0.00 mil 2.41 mil
are expected to remain resilient given the lack of new options. Looking further ahead, business
Source: CBRE Research, Q2 2022 Source: CBRE Research, Q2 2022
parks could benefit from the strong office rental recovery, where the widening rental gap
between office and business parks could lend additional support to the latter.

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 FIGURES | SINGAPORE | Q2 2022

Retail FIGURE 4: Retail Economic Indicators

y-o-y change (2017=100) mil

Demand indicators surpassed pre-pandemic levels 50% 6.0
Retail indicators continued to improve alongside the easing of border restrictions and measures 5.0
for dine-in, entertainment and social events from 1 Apr 2022. Retail sales (excluding motor 25%
vehicles) for Apr and May 2022 grew by 2.0% and 4.7% m-o-m respectively, surpassing pre- 4.0
pandemic levels. Singstat’s Business Expectations Survey reported that retailers expect 0% 3.0
business conditions to be slower for the period of Apr – Sep 2022, compared with the previous
six months which coincided with the year-end festive period. Conversely, the F&B sector 2.0
-25%
expects business conditions to improve for the same period. 1.0

-50% 0.0
Stable leasing demand, reconfiguration of trade mix

Q2 20

Q2 21
Q3 20

Q3 21
Q2 17

Q2 18

Q2 19

Q1 20

Q4 20

Q1 21

Q4 21

Q1 22
Q3 17

Q3 18

Q3 19
Q4 17

Q1 18

Q4 18

Q1 19

Q4 19
Leasing activity remained stable in Q2 2022. More pop-up stores opened in the quarter, Visitor Arrivals (RHA) Change in Retail Sales Index in Chained Volume Terms (excludes car sales)
featuring collaborations and experiential concepts. F&B operators continued to drive demand,
while supermarkets and gyms expanded their presence. However, due to changing consumer Source: STB, MTI, CBRE Research, Q2 2022
preferences and competition, there were some notable closures in Q2 2022, including Vhive
(furniture) and consolidations of Cathay Cineplex (entertainment) and Kinokuniya (books).
TABLE 6: Prime Retail Rents TABLE 7: Estimated Gross New Supply
Islandwide retail rents stabilised for the third consecutive quarter
Q2 22 Q-o-Q Y-o-Y Estimated NLA (sq. ft.)
Although borders have reopened and visitor arrivals have seen a sharp increase, retailers are
Islandwide $24.75 0.0% -0.6% Q3 – Q4 2022 0.34 mil
cautiously optimistic about an eventual return of tourist spending in view of uncertain economic
growth and rising inflation. As such, prime retail rents for Orchard Road, City Hall/Marina Centre Orchard Road $34.20 0.0% -1.0% 2023 0.46 mil
and Fringe areas remained stable in Q2 2022. Meanwhile, the suburban market continued to
register healthy reversionary rents as availability remains extremely limited. Suburban $30.20 0.2% 1.3% 2024 0.41 mil

Source: CBRE Research, Q2 2022 Source: CBRE Research, URA, Q2 2022

Manpower shortage and rising costs temper retailers’ optimism Note: Projects with a NLA of less than 20,000 sq. ft. are
excluded

While domestic and travel restrictions have eased and shopper traffic has improved, retailers
are now facing manpower shortage as well as rising input costs, putting a lid to landlords’
capacity to raise rents in the near term. Nonetheless, with below-historical average new retail
supply in the next few years, CBRE Research expects a more meaningful retail rent recovery
after H2 2022.

5 CBRE RESEARCH © 2022 CBRE, INC.

 FIGURES | SINGAPORE | Q2 2022

Industrial FIGURE 5: Manufacturing Indices

56 30%

Positive industrial sentiment holding up 54 20%

52 10%
Manufacturing output increased by 13.8% y-o-y in May 2022, on the back of increased
50 0%
semiconductor production. This comes from the strong demand from 5G markets and data
centres. Despite some volatility, overall manufacturing sentiment held up, as evident from 48 -10%
positive performance in the NODX and SIPMM’s PMI indicators. 46 -20%

Leasing momentum continued, but constrained by lack of available space 44 -30%

Aug-20

Nov-20

Aug-21

Nov-21
May-19

Aug-19

Nov-19

Feb-20

Feb-21

Feb-22
May-20

May-21

May-22
In light of the current supply chain disruption, increased freight cost and inflationary pressures,
it was observed that demand related to occupiers’ “just-in-case” inventory has increased and PMI-Contract PMI-Expand Mfg Output NODX
firms were inclined to bring in a higher volume of manufacturing inputs now rather than later.
However, the strong demand was capped by the lack of available space, particularly for the Source: Singstat, SIPMM, CBRE Research, Q2 2022
prime logistics segment. Leasing demand has benefitted from the increase in inventory for food
staples, 3PLs, semiconductor manufacturers and electronics companies. The pharmaceutical TABLE 8: Industrial Rents TABLE 9: Significant Future Developments
and biomedical sectors also remained resilient.
Est. GFA
Prime logistics registered the highest rental growth Q2 22 Q-o-Q Y-o-Y Development
(mil sf)

Among all segments, the prime logistics segment experienced the highest rental growth of 2.7% Factory (Grd Flr) $1.56 0.6% 3.3% Kranji Green 1.43
q-o-q this quarter, following the 1.4% q-o-q increase in Q1 2022. Vacancies in the prime logistics Factory (Upp Flr) $1.21 0.8% 2.5% TimMac @ Kranji 1.54
basket remained tight despite the addition of LOGOS Penjuru Logistics Centre as it completed
with full occupancy. Meanwhile, average warehouse rents increased by 1.8% q-o-q, and factory Warehouse (Grd Flr) $1.71 1.8% 6.9% Soilbuild 2 Pioneer Sector 1 0.73
rents increased 0.6% q-o-q in Q2 2022. Tee Yih Jia Food Hub 1.06
Warehouse (Upp Flr) $1.27 1.6% 5.0%
New industrial land supply to help alleviate shortage in longer term Prime Logistics $1.53 2.7% 7.0%

Year-to-date, prime logistics rentals have grown by 4.1%, attributed to positive leasing demand Source: CBRE Research, Q2 2022 Source: CBRE Research, JTC, Q2 2022
and the acute shortage of quality warehouse space. While the government is looking to ramp up
industrial land supply via the H2 2022 IGLS Programme, completions would only be realised two
to three years later. Thus, following the strong rental increase in 2021, further rental increases
can be expected in the prime logistics segment in the near term.

6 CBRE RESEARCH © 2022 CBRE, INC.

 FIGURES | SINGAPORE | Q2 2022

Residential FIGURE 6: New Private Residential Units Take-up & URA Price Index (incl. ECs)
No. of units
New home sales picked up with attractive new launches 25,000 200
22,500 180
Following the lull period in Q1 2022, sales volumes in Q2 2022 saw an uptick as developers rolled 20,000 160
out more new homes. Q2 2022 preliminary figures show that 2,370 new homes were sold, picking 17,500 140
up from 1,825 units sold in Q1 2022. Sales volumes were bolstered by the successful launches of 15,000 120
new City Fringe projects Liv@MB and Piccadilly Grand, which saw brisk take-up of over 70% on 12,500 100
22,197
their first launch weekend despite high median unit pricing of above S$2,000 psf. 10,000 80
7,500 14,948 60
13,027
5,000 10,566 9,912 9,982 40
Private home price growth accelerated despite cooling measures, rising rates 7,316 7,440 7,972 8,795
1,825 2,370
2,500 20
Flash estimates showed that URA’s All Private Residential Price Index registered a 3.2% q-o-q 0 0

2020

2021

Q1 22

Q2 22*
2012

2013

2014

2015

2016

2017

2018

2019
increase in Q2 2022, after the 0.7% q-o-q rise in Q1 2022. This was led by new project launches
in the City Fringe (RCR) – which set new benchmark prices – as developers held firm on their
No. of Units Sold URA (All) Residential Price index
asking prices amid higher construction costs and low unsold inventory. On the other hand,
Source: URA, CBRE Research, Q2 2022
landed homes saw price growth moderate to 2.9% q-o-q in Q2 2022, slower than the 4.2% q-o-q Note: *Preliminary figures (excl. ECs) for Q2 2022 based on Realis caveats as of 12 Jul 2022
increase observed in Q1 2022, as sellers and buyers’ price gap widened.
FIGURE 7: Non-landed Median psf Rents by Market Segment TABLE 10: Top 3 Projects (New Sale) in Q2 2022
Private residential rents poised to rise further after Q1 2022’s record high $psf/mth
5.50
Based on the URA Rental Index for all private residential properties, rents increased by 4.2% q- 4.88 Piccadilly Normanton
5.00 Project Liv@MB
o-q and 12.1% y-o-y in Q1 2022, reaching a new high. Following the reopening of Singapore’s Grand Park
borders, median psf rents for non-landed properties rose at an accelerated pace in Apr and May 4.50
4.05
2022. This was likely due to increased demand from inbound travellers and recent homesellers 4.00
whose new home completions have been affected by construction delays. This upward rental Tenure 99y 99y 99y
3.50
trend is likely to sustain until more supply is completed in 2023. 3.52
3.00 Median Price
Positive sentiment but significant headwinds loom ($psf) in $2,175 $2,408 $1,868
2.50
quarter
Strong economic growth, upgraders’ demand and rising rents have underpinned the private and 2.00
public residential market thus far. However, rising macroeconomic uncertainties and mortgage 2017 2018 2019 2020 2021 Apr-22 May-22
Units sold in
rates may deter potential homebuyers moving forward. CBRE Research maintains its 2022 new CCR RCR OCR 325 231 112
quarter
home sales forecast at 9,000 – 10,000 units, from 13,027 units in 2021. In view of the stronger-
Source: URA, CBRE Research, Q2 2022 Source: URA, CBRE Research, Q2 2022
than-expected pick-up in home prices in Q2 2022, 2022’s full-year price forecast has been raised Note: For non-landed residential units only. Based on Realis caveats as Note: Based on Realis caveats as of 12 Jul 2022
from 3% to 5%, which still represents a slowdown from the 10.6% increase in 2021. of 12 Jul 2022.

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 FIGURES | SINGAPORE | Q2 2022

Investments FIGURE 8: Total Transaction Volume by Sector

Billions (S$) Billions (S$)

Strong investment volumes in Q2 2022 $12.0 $48.0
$11.0 $44.0
Preliminary real estate investment volumes in Singapore for Q2 2022 declined 11.3% q-o-q to $9.024 $10.0 $40.0
$9.0 $36.0
bn. It is, nonetheless, an increase of 27.5% y-o-y, and the second highest quarterly investment
$8.0 $32.0
volumes in four years, boosted by a few large office and mixed-use transactions. This brought H1 $7.0 $28.0
2022 investment volumes to $19.193 bn, a 56.4% increase y-o-y. $6.0 $24.0
$5.0 $20.0
Office investment activity moderated but remained firm $4.0 $16.0
$3.0 $12.0
$2.0 $8.0
Office investment volumes moderated to $1.227 bn in Q2 2022, after a strong Q1 2022. Investor $1.0 $4.0
interest in the office sector remained firm. Kajima acquired Nehsons Building for $111.10 mil ($2,200 $0.0 $0.0
psf ppr), following its unit’s acquisition of 55 Market Street in Q1 2022. Active capital recycling by

Q2 20

Q2 21
Q3 20

Q3 21
Q2 17

Q2 18

Q2 19

Q1 20

Q4 20

Q1 21

Q4 21

Q1 22

Q2 22*
Q3 17

Q3 18

Q3 19
Q4 17

Q1 18

Q4 18

Q1 19

Q4 19
large real estate investors was also witnessed from AEW’s purchase of Westgate Tower from Sun
Venture Group for $680.00 mil ($2,230 psf), after divesting Twenty Anson in Q1 2022. Excluding Hotel Industrial Mixed Office Others Residential Retail 4QRT
residential transactions which were mainly boosted by GLS sales, the office sector accounted for the
largest proportion of investment volumes in H1 2022 at $4.610bn, up 75.4% y-o-y. Source: CBRE Research, Q2 2022 , *Preliminary figures

FIGURE 9: Capital Values Index

Rebound in investment volumes in industrial, mixed-use and hotel sectors
120
Industrial investment volumes rose six-fold q-o-q mainly on the transfer of ARA LOGOS Logistics
110
Trust’s nine Singapore properties for approximately $0.8 bn to ESR-REIT, while the collective sale of
Golden Mile Complex for $700.00 mil boosted Q2 2022 mixed-use investment volumes to $1.270 bn,
100
a 46.3% q-o-q increase. Hotel investment volumes also tripled on increased sales of hotels as
investors positioned for a travel recovery. 90

Ample liquidity and strong fundamentals to support investment volumes 80

While investor sentiment has softened due to rising interest rates, investment volumes in Q2 2022 70

Q2 20

Q2 21

Q2 22
Q3 20

Q3 21
Q2 17

Q2 19

Q1 20

Q4 20

Q1 21

Q4 21

Q1 22
Q3 17

Q3 19
Q4 17

Q1 18

Q4 18

Q1 19

Q4 19
stayed resilient due to ample liquidity and recovering rentals. Singapore’s safe haven status has also
continued to attract investors seeking wealth preservation. As such, capital values and yields have
remained mostly firm. With some sizeable deals now under negotiation or recently concluded, Grade A Office Prime Retail Prime Logistics Leasehold Prime Residential

investment outlook for H2 2022 remains positive. CBRE Research expects 2022 investment volumes Source: CBRE Research, Q2 2022
to grow by up to 10% from the year before, led by commercial and industrial sales.

8 CBRE RESEARCH © 2022 CBRE, INC.

 FIGURES | SINGAPORE | Q2 2022

Singapore Research

Tricia Song Goh Jia Ling

Head of Research, SEA Senior Manager
Office Research Business Parks & Industrial Research
tricia.song@cbre.com jialing.goh@cbre.com

Teo Ling Yan Gerald Tan

Manager Analyst
Economic & Retail Research Capital Markets & Residential Research
lingyan.teo@cbre.com gerald.tan@cbre.com

Global Research

Richard Barkham, Ph.D. Neil Blake, Ph.D. Henry Chin, Ph.D.

MRICS Global Head of Forecasting and Global Head of Investor Thought
Analytics Leadership
Global Chief Economist & Head of
neil.blake@cbre.com Head of Research, APAC
Americas Research
henry.chin@cbre.com.hk
richard.barkham@cbre.com

© Copyright 2022. All rights reserved. This report has been prepared in good faith, based on CBRE’s current anecdotal and evidence based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this presentation, they are
subject to significant uncertainties and contingencies, many of which are beyond CBRE’s control. In addition, many of CBRE’s views are opinion and/or projections based on CBRE’s subjective analyses of current market circumstances. Other firms may have different opinions, projections
and analyses, and actual market conditions in the future may cause CBRE’s current views to later be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change.

Nothing in this report should be construed as an indicator of the future performance of CBRE’s securities or of the performance of any other company’s securities. You should not purchase or sell securities—of CBRE or any other company—based on the views herein. CBRE disclaims all
liability for securities purchased or sold based on information herein, and by viewing this report, you waive all claims against CBRE as well as against CBRE’s affiliates, officers, directors, employees, agents, advisers and representatives arising out of the accuracy, completeness,
adequacy or your use of the information herein.
9 CBRE RESEARCH © 2022 CBRE, INC.