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URA office rental index slips 1.1 % q-o-q in Q2; vacancy rises to 12.4% at end-June

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The Urban Redevelopment Authority's office rental index fell 1.1 per cent in the second quarter of 2017 over the preceding quarter, a smaller decline than the 3.4 per cent drop in Q1 this year.

THE Urban Redevelopment Authority's office rental index fell 1.1 per cent in the second quarter of 2017 over the preceding quarter, a smaller decline than the 3.4 per cent drop in Q1 this year.

URA's office price index shed 1.4 per cent in Q2, again a smaller fall than the 4 per cent drop in Q1 2017.

The islandwide vacancy rate of office space rose to 12.4 per cent at end-Q2 this year from 11.6 per cent at end-Q1 2017.

The stock of office space increased by 76,000 square metres (nett) in Q2 2017, compared with the increase of 31,000 sq m (nett) in the previous quarter.

On the demand side, the amount of occupied office space rose 1,000 sq m (nett) in Q2 2017, after shrinking 6,000 sq m in the previous quarter.

URA said that as at the end of Q2 2017, there was a total supply of about 719,000 sq m gross floor area (GFA) of office space in the pipeline, lower than the 826,000 sq m GFA as at end-Q1 2017.

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