Prices and Rentals

Prices of office space decreased by 4.0% in 1st Quarter 2020, compared with the 0.5% decrease in the previous quarter. Rentals of office space decreased by 0.8% in 1st Quarter 2020, compared with the 3.2% decrease in the previous quarter.

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 1st Quarter 2020, there was a total supply of about 682,000 sq m GFA of office space in the pipeline, compared with the 753,000 sq m GFA of office space in the pipeline in the previous quarter.

Pipeline supply of office space

Note: 106,375 sq m of office space was completed (i.e. granted TOP) in 1Q2020

Stock and Vacancy

The amount of occupied office space decreased by 7,000 sq m (nett) in 1st Quarter 2020, compared with the increase of 30,000 sq m (nett) in the previous quarter. The stock of office space increased by 33,000 sq m (nett) in 1st Quarter 2020, compared with the increase of 29,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 11.0% as at the end of 1st Quarter 2020, from 10.5% as at the end of the previous quarter.

Stock and vacancy of office space

Source of statistics and charts: URA