Prices and Rentals

Prices of office space increased by 3.1% in 2nd Quarter 2024, compared with the 1.2% decrease in the previous quarter (see Annex A-1). Rentals of office space increased by 3.1% in 2nd Quarter 2024, compared with the 1.7% decrease in the previous quarter (see Annexes A-2 & A-3).

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 2nd Quarter 2024, there was a total supply of about 1,011,000 sq m GFA of office space in the pipeline, compared with the 1,125,000 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 20,000 sq m (nett) in 2nd Quarter 2024, compared with the decrease of 9,000 sq m (nett) in the previous quarter. The stock of office space increased by 87,000 sq m (nett) in 2nd Quarter 2024, compared with the decrease of 41,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 10.8% as at the end of 2nd Quarter 2024, from 9.6% as at the end of the previous quarter (see Annexes A-3 & E-1).

Stock and vacancy of office space

Statistics released 26 Jul 2024. Source of statistics and charts: URA

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