Prices and Rentals

Prices of office space decreased by 1.8% in 4th Quarter 2021, compared with the 2.4% decrease in the previous quarter (see Annexes A-1a & A-1b). Rentals of office space increased by 0.9% in 4th Quarter 2021, compared with the 3.5% decrease in the previous quarter. For the whole of 2021, prices of office space decreased by 5.8%, compared with the decrease of 10.7% in 2020, while rentals of office space increased by 1.9%, compared with the decrease of 8.5% in 2020 (see Annexes A-3a, A-3b & A-5).

Property Price Index of office space in Central Region

Rental Index of office space in Central Region

Supply in the Pipeline

As at the end of 4th Quarter 2021, there was a total supply of about 786,000 sq m GFA of office space in the pipeline, compared with the 755,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of office space

Stock and Vacancy

The amount of occupied office space decreased by 10,000 sq m (nett) in 4th Quarter 2021, compared with the decrease of 5,000 sq m (nett) in the previous quarter. The stock of office space decreased by 23,000 sq m (nett) in 4th Quarter 2021, compared with the increase of 26,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 12.8% as at the end of 4th Quarter 2021, from 12.9% as at the end of the previous quarter (see Annexes A-5 & E-1).

Stock and vacancy of office space

Statistics released 28 Jan 2022. Source of statistics and charts: URA

Looking for a new office space? We might have some good recommendations for you! Get in touch with us today.