Prices of office space in Singapore’s central region decreased by 3.9% in the third quarter of 2019, compared with the 0.9% increase in the previous quarter, according to the latest data from the Urban Redevelopment Authority (URA).
Rentals of office space decreased by 0.6% in 3rd Quarter 2019, compared with the 1.3% increase in the previous quarter
As at the end of 3rd Quarter 2019, there was a total supply of about 738,000 sq m GFA of office space in the pipeline, compared with the 732,000 sq m GFA of office space in the pipeline in the previous quarter.
The amount of occupied office space increased by 71,000 sq m (nett) in 3rd Quarter 2019, compared with the increase of 35,000 sqm in the previous quarter. The stock of office space decreased by 4,000 sqm in 3rd Quarter 2019, compared with the increase of 7,000 sqm in the previous quarter.
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The island-wide vacancy rate of office space declined to 10.6% as at the end of 3rd Quarter 2019, from 11.5% as at the end of the previous quarter.
