Net office demand contracts in Q3, vacancy crosses 10%

Singapore

THE amount of occupied office space islandwide contracted 5,000 square metres (sq m) in the third quarter of this year, contrasting with an increase of 30,000 sq m in Q2 this year, according to official statistics. This takes the net increase in office demand in the first nine months to 26,000 sq m - lower than the 72,000 sq m in the year-ago period, based on Urban Redevelopment Authority's data released on Friday.

Market watchers attribute the weaker demand to the sluggish economy and anaemic employment numbers.