Office Market Outlook Q1 2020

Office market at a glance Q1 2020
Office market at a glance Q1 2020, Source: URA

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

Office Property Price Index Q1 2020
Source: URA

Rental Index of office space in Central Region

Rental Index of Office Space Q1 2020
Source: URA

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

Office Supply in Pipeline 2020
Source: URA

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

Office space stock and vacancy
Source: URA

Source of statistics and charts: URA

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