Central Region office rent index dips 2.6% in Q2

Singapore

THE Urban Redevelopment Authority's Central Region office rental index slid 2.6 per cent quarter on quarter in the second quarter of this year, the first drop after eight consecutive quarterly increases. In Q1, the index had appreciated 0.6 per cent.

The Q2 fall was the steepest drop in the index since the 3.3 per cent decline in Q4 2009, according to Cushman & Wakefield research director Christine Li. "The moderation may be attributed to Singapore's lacklustre second quarter GDP growth and supply overhang of nearly four million sq ft of prime office space scheduled for completion in 2016."