Came across S-REIT Investment blog's write up on Keppel REIT where its price has fallen to "attractive levels". While the financial ratios do look attractive, it is only one side of the story and I do not find Keppel REIT attractive yet. Poor Office outlook According to URA, there will be 545,000 square meters of new office space available for 2016. And judging from the office space demand during the past 5 years (2010-2014), the annual net demand is 110,000 square meters. Therefore, it is likely office space vacancy will rise by approximately 400,000 square meter. Currently there is a vacancy rate of 9.8% (746,000 sq m vacant space vs total current supply of 7,583,000 sq m). In 2016, vacancy rates are likely to spike above 11%. The last time Singapore experienced an office vacancy rate above 11% was during the GFC and 2001-2004 period.     Office Space Supply from URA   Furthermore, this oversupply is set to persist because ...  ...