Prices and Rentals

Prices of office space remained the same in 1st Quarter 2023, compared with the 3.7% increase in the previous quarter (see Annex A-1). Rentals of office space increased by 5.1% in 1st Quarter 2023, same as the increase in the previous quarter (see Annexes A-3 & 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 1st Quarter 2023, there was a total supply of about 837,000 sq m GFA of office space in the pipeline, compared with the 872,000 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 21,000 sq m (nett) in 1st Quarter 2023, compared with the increase of 9,000 sq m (nett) in the previous quarter. The stock of office space increased by 14,000 sq m (nett) in 1st Quarter 2023, compared with the decrease of 23,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 11.2% as at the end of 1st Quarter 2023, from 11.3% as at the end of the previous quarter (see Annexes A-5 & E-1).

Stock and vacancy of office space

Statistics released 28 Apr 2023. Source of statistics and charts: URA

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