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Steeper falls in office and retail rents in Q2: URA (Amended)

Consultants say the trend is driving leasing activity

Singapore

RENTALS and prices of office and retail space fell more steeply in the second quarter than in the first, data released by the Urban Redevelopment Authority (URA) on Friday showed.

Rentals of office space fell 3.5 per cent, after a 2.1 per cent decline in Q1; prices fell 1.5 per cent in Q2, after a 0.3 per cent decline in the previous quarter.

This is the fifth straight quarter-on-quarter (q-o-q) decline in office rents.

Anthea To, head of research and advisory at Colliers, noted that this is the largest q-o-q decrease since Q3 2009.

But property consultants said the office leasing market is by no means quiet; in fact, it has been busy with occupiers seizing opportunities in the low-rent...

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