Office Market Outlook Q2 2020
Table of Contents
Prices and Rentals
Prices of office space decreased by 4.3% in 2nd Quarter 2020, compared with the 4.0% decrease in the previous quarter (see Annex A-1). Rentals of office space remained unchanged in 2nd Quarter 2020, compared with the 0.8% decrease 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
Stock and Vacancy
The amount of occupied office space decreased by 55,000 sq m (nett) in 2nd Quarter 2020, compared with the decrease of 7,000 sq m (nett) in the previous quarter. The stock of office space increased by 43,000 sq m (nett) in 2nd Quarter 2020, compared with the increase of 33,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 12.1% as at the end of 2nd Quarter 2020, from 11.0% as at the end of the previous quarter (see Annexes A-5 & E-1).
Stock and vacancy of office space
Source of statistics and charts: URA