Office Market At A Glance

Prices and Rentals

Prices of office space decreased by 3.9% in 3rd Quarter 2019, compared with the 0.9% increase in the previous quarter (see Annex A-1). Rentals of office space decreased by 0.6% in 3rd Quarter 2019, compared with the 1.3% 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 3rd Quarter 2019, there was a total supply of about 738,000 sq m GFA of office space in the pipeline, compared with the 732,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Stock and Vacancy

The amount of occupied office space increased by 71,000 sq m (nett) in 3rd Quarter 2019, compared with the increase of 35,000 sq m (nett) in the previous quarter. The stock of office space decreased by 4,000 sq m (nett) in 3rd Quarter 2019, compared with the increase of 7,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space declined to 10.6% as at the end of 3rd Quarter 2019, from 11.5% as at the end of the previous quarter (see Annexes A-5 & E-1).

Stock and vacancy of office space

Source: URA, Urban Redevelopment Authority Singapore