Prices and Rentals

Prices of office space decreased by 5.9% in 4th Quarter 2023, compared with the 0.8% increase in the previous quarter (see Annex A-1a & A-1b). Rentals of office space increased by 0.3% in 4th Quarter 2023, compared with the 4.9% increase in the previous quarter. For the whole of 2023, prices of office space decreased by 4.2%, compared with the decrease of 0.1% in 2022, while rentals of office space increased by 13.1%, compared with the increase of 11.7% in 2022 (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 2023, there was a total supply of about 1,126,000 sq m GFA of office space in the pipeline, compared with the 1,077,000 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 increased by 9,000 sq m (nett) in 4th Quarter 2023, compared with the increase of 23,000 sq m (nett) in the previous quarter. The stock of office space increased by 2,000 sq m (nett) in 4th Quarter 2023, compared with the decrease of 42,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 9.9% as at end of 4th Quarter 2023, from 10.0% as at end of the previous quarter (see Annexes A-5 & E-1).

Stock and vacancy of office space

Statistics released 26 Jan 2024. Source of statistics and charts: URA

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