Q3 2019 Office Market at a Glance

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Office Market At A Glance

office-market-at-a-glance-q32019

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

office-price-index-q32019

Rental Index of office space in Central Region

rental-index-q32019

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).

pipeline-q32019

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

stock_vacancy

Source: URA, Urban Redevelopment Authority Singapore

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