According to JLLs City Momentum Index (CMI), Singapore fell from 17th place in 2015 to 75th place in 2016. CMI is an index that tracks cities short-term socio-economic and real estate momentum, in combination with measures of whether they have the longer-term foundations for success.
From being one of the top rental performers globally in 2014, Singapore saw office rents drop by around 10 % in 2015, with a further 10 to 20 % decline forecast for 2016. Rents in the retail sector have also fallen.
While it is improving affordability, the sharp rental corrections have been the main contributor to the citys poor real estate momentum scores. Despite Singapore being one of the most popular investment destinations globally, the current lower levels of real estate investment have contributed to this poor score.
Covering 120 major established and emerging business hubs across the world, the CMI highlights the top 20 cities where change is rapidly occurring.
For detailed reading one can look at reports at JLL.