Office prices rose 1.6 per cent, rentals up 2.6 per cent, vacancy down in Q3: URA

DATA released by the Urban Redevelopment Authority (URA) shows that prices of office space rose by 1.6 per cent in the third quarter of this year over Q2, after having stayed unchanged in Q2.

Rentals of office space increased by 2.6 per cent in the third quarter, after having climbed 2.8 per cent in Q2.

Giving an update on upcoming supply, URA said that as at the end of Q3, there was a total supply of 1.087 million square metres in gross floor area of office space in the pipeline.

The amount of occupied office space increased by 50,000 sq m (nett) in the third quarter, compared to the 22,000 sq m (nett) increase in Q2.

The stock of completed office space fell by 47,000 sq m (nett) in Q3, compared to the decline of 1,000 sq m (nett) in the previous quarter.

As a result, the island-wide vacancy rate of office space at the end of Q3 fell to 8.4 per cent, from 9.6 per cent at end-Q2.