Prices and Rentals

Prices of office space increased by 4.4% in 1st Quarter 2022, compared with the 1.8% decrease in the previous quarter (see Annex A-1). Rentals of office space increased by 1.6% in 1st Quarter 2022, compared with the 0.9% 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 2022, there was a total supply of about 834,000 sq m GFA of office space in the pipeline, compared with the 786,000 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 decreased by 13,000 sq m (nett) in 1st Quarter 2022, compared with the decrease of 10,000 sq m (nett) in the previous quarter. The stock of office space decreased by 17,000 sq m (nett) in 1st Quarter 2022, 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 remained unchanged at 12.8% as at the end of 1st Quarter 2022 (see Annexes A-5 & E-1).

Stock and vacancy of office space

Statistics released 22 April 2022. Source of statistics and charts: URA

Looking for a new office space? We might have some good recommendations for you! Get in touch with us today.