Office prices rise 2.4% in Singapore

Singapore office market

Singapore’s Urban Redevelopment Authority (URA) has released the real estate statistics for 4th Quarter 2018.

According to the URA’s report, office space prices rose 2.4% in 4th Quarter 2018, compared with the 0.1% rise in the previous quarter .

Office rentals increased by 0.5% in 4th Quarter 2018, compared with the 2.5% increase in the previous quarter.  For the whole of 2018, prices of office space increased by 5.7%, compared with the decline of 2.4% in 2017; while rentals of office space increased by 7.4%, compared with the increase of 0.4% in 2017.

As at the end of 4th Quarter 2018, there was a total supply of about 732,000 sq m GFA of office space in the pipeline, compared with the 793,000 sq m GFA of office space in the pipeline in the previous quarter .

Prices of retail space increased by 1.5% in 4th Quarter 2018, compared with the increase of 0.3% in the previous quarter.

Rentals of retail space increased by 1.2% in 4th Quarter 2018, compared with the decrease of 1.2% in the previous quarter.  For the whole of 2018, prices of retail space increased by 0.6%, compared with the decline of 8.8% in 2017; while rentals of retail space decreased by 1.0%, compared with the decline of 4.7% in 2017.

Sigapore retail market

Source:URA