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Singapore office rents rise 2.4% in Q2, prices fall 5.1%: URA
FIGURES from the Urban Redevelopment Authority (URA) released on Friday (Jul 22) showed that the rental index for offices rose 2.4 per cent quarter on quarter in Q2, from the 1.6 per cent rise in Q1.
However, prices of office space fell by 5.1 per cent in Q2, compared with the 4.4 per cent increase in the previous quarter.
As at end-June 2022, there was a total supply of about 868,000 square metres (sq m) in gross floor area of office space in the pipeline. That is about 4.1 per cent more than the 834,000 sq m of pipeline supply as at end March.
Islandwide, office space vacancy rate decreased to 12 per cent at end-June, from the 12.8 per cent in end-March.
This came as the amount of occupied office space increased by 24,000 sq m, compared with a decrease of 13,000 sq m in Q1.
Total office stock fell by 44,000 sq m in Q2 this year, compared with the decrease of 17,000 sq m in the previous quarter.
Source: https://www.businesstimes.com.sg/real-estate/singapore-office-rents-rise-24-in-q2-prices-fall-51-ura