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Singapore office prices dip 0.1% in Q3, rents fall accelerates with 2.9% decline
PRICES of office space took a turn in the third quarter, edging down 0.1 per cent quarter on quarter after a 0.3 per cent increase in the preceding quarter.
Office rents accelerated their decline in the third quarter, third-quarter statistics from the Urban Redevelopment Authority (URA) show. Rents of office space posted a 2.9 per cent fall quarter on quarter, compared with a 2.6 per cent decline in the second quarter.
But island-wide vacancy rate of office space at the end of the third quarter fell to 9.6 per cent, from 9.8 per cent at the end of the second quarter.
This is because while the amount of occupied office space increased by a net 15,000 sq m in the third quarter after a net 38,000 sq m increase in the previous quarter, the stock of office space decreased by a net 3,000 sq m in the third quarter following a net increase of 8,000 sq m in the previous quarter.
As at the end of the third quarter, there was a total supply of about 908,000 sq m of office space in gross floor area in the pipeline.