Prices of office space remain flat in 2015: URA

Prices of office space in the Republic remained flat for the whole of 2015, dropping just 0.1 per cent from the year before, while rentals declined by 6.5 per cent.

For the fourth quarter, prices of office space also decreased 0.1 per cent from the previous quarter. Rentals, however, fell 1.8 per cent in the fourth quarter, compared to the 2.9 per cent drop in the third quarter of 2015.

As of the fourth quarter, there was a total supply of about 993,000sqm gross floor area of office space in the pipeline, said URA.

Both the stock of office space and the amount of occupied office space decreased in the fourth quarter, by 21,000sqm and 10,000sqm respectively. The island-wide vacancy rate of office space at the end of the fourth quarter was 9.5 per cent, down from the 9.6 per cent in the third quarter.

Source : Channel NewsAsia – 22 Jan 2016

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