Office rents, prices slump; vacancy rises in Q1: URA

URBAN Redevelopment Authority data released on Friday morning shows that its office rental index fell 3.4 per cent in the first quarter of this year over the fourth quarter of last year.

This is a bigger drop than the 1.8 per cent quarter-on-quarter (q-o-q) decline in Q4 2016.

URA's office price index fell 4 per cent q-o-q in Q1 2017 compared with the 0.6 per cent drop in Q4 2016.

The islandwide office vacancy rate rose to 11.6 per cent at the end of Q1 2017 from 11.1 per cent at end-Q4 2016.