PRICES of office space in Singapore’s central region decreased by 3.9 per cent in the third quarter, compared with the 0.9 per cent increase in the previous quarter, according to the latest data from the Urban Redevelopment Authority (URA).
URA’s rental index of office space in the central region declined by 0.6 per cent in Q3, versus a 1.3 per cent increase in the prior quarter.
As at the end of Q3 2019, there was a total supply of about 738,000 square metres (sq m) gross floor area (GFA) of office space in the pipeline, higher than the 732,000 sq m GFA of office space in the previous quarter.
Meanwhile, the islandwide vacancy rate of office space fell from 11.5 per cent as at the end of the previous quarter to 10.6 per cent as the amount of occupied office space increased by 71,000 sq m (nett) in Q3, while the stock of office space decreased by 4,000 sq m (nett).
By Business Times
