Office space prices, rents down in Q3

URA’s rental index of office space also dipped by 0.6% in Q3 2019, compared to the 1.3% hike seen in the previous quarter.

Office space prices within the central region of Singapore dropped 3.9% in the third quarter of 2019, reversing the 0.9% increase posted in the previous quarter, showed Urban Redevelopment (URA) data released on Friday (25 October).

URA’s rental index of office space also dipped by 0.6% in Q3 2019, compared to the 1.3% hike seen 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,” said URA.

In Q3 2019, the amount of occupied space rose by 71,000 sq m (nett), while the stock of office space declined by 4,000 sq m (nett).

With this, island-wide vacancy rate of office space fell to 10.6% in as at end of Q3 2019, from 11.5% as at end of Q2 2019.

Source: CommercialGuru, 25 October 2019