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Office rents in Singapore’s central region rise 2.1% qoq in Q3; islandwide vacancy drops to 11.7%: URA data

  • Oct 28, 2022

Office rents in Singapore’s central region rose 2.1 per cent in the third quarter of 2022 over the preceding quarter, after increasing 2.4 per cent quarter-on-quarter in Q2 2022.

Urban Redevelopment Authority’s (URA) data released on Friday (Oct 28) also showed that the price index for office space in the central region fell 2.7 per cent qoq in the third quarter, a smaller drop compared with the 5.1 per cent decrease in Q2 2022.

At the end of Q3 2022, there was a total supply of about 858,000 sq m gross floor area of office space in the pipeline, lower than the 868,000 sq m as at the end of the previous quarter.

The amount of occupied office space increased by 24,000 sq m of net lettable area (NLA) in Q3 2022, same as that in the previous quarter. The stock of office space shrank by 2,000 sq m NLA in Q3 2022, a smaller drop compared with the decrease of 44,000 sq m in the previous quarter. As a result, the islandwide vacancy rate of office space dipped to 11.7 per cent as at the end of Q3 2022, from 12.0 per cent as at the end of Q2 2022.

Source: https://www.businesstimes.com.sg/real-estate/office-rents-in-singapores-central-region-rise-21-qoq-in-q3-islandwide-vacancy-drops-to