Prices and Rentals

Prices of office space decreased by 0.7% in 4th Quarter 2024, compared with the 0.6% increase in the previous quarter (see Annex A-1a). Rentals of office space decreased by 0.9% in 4th Quarter 2024, compared with the 0.5% decrease in the previous quarter. For the whole of 2024, prices of office space increased by 1.8%, compared with the decrease of 4.2% in 2023, while rentals of office space remained the same, compared with the increase of 13.1% in 2023 (see Annexes A-2a, A-2b & 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 4th Quarter 2024, there was a total supply of about 909,000 sq m GFA of office space in the pipeline, compared with the 903,000 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 increased by 23,000 sq m (nett) in 4th Quarter 2024, compared with the increase of 17,000 sq m (nett) in the previous quarter. The stock of office space decreased by 6,000 sq m (nett) in 4th Quarter 2024, compared with the increase of 36,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 10.6% as at the end of 4th Quarter 2024, from 11.0% as at the end of the previous quarter (see Annexes A-3 & E-1).

Stock and vacancy of office space

Statistics published 24 Jan 2025. Source of statistics and charts: URA

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