Singapore office market continues recovery in Q1: URA

LATEST data from the government show that the recovery in the Singapore office market continued in the first quarter of this year.

The Urban Redevelopment Authority's rental index of office space in the Central Region rose 2.6 per cent in the first quarter of this year over Q4 2017. This is the same pace of quarter-on-quarter increase as in Q4 2017 and marks the third consecutive quarterly rise in the index since it bottomed in the second quarter of 2017; the index has chalked up a cumulative recovery of 7.7 per cent in less than a year.

URA's price index of office space in the Central Region rose 1.3 per cent in the first quarter, a slower pace of increase compared with the 2.7 per cent rise in the previous quarter.