Chart of the Day: Office market vacancy rate up 11.5%

As supply grew to 826,000 sqm.

According to figures from Urban Redevelopment Authority, the office market has seen the occupied space decline by 6,000 sqm in the past quarter ending in March, compared with the increase of 1,000 sqm. in the previous quarter.

This resulted to an island-wide vacancy rate of office space to rise to 11.6% in the said quarter from the 11.1% in 4Q16.

Meanwhile, the stock of office space increased by 31,000 sqm in 1Q17, in contrast to the increase of 66,000 sqm during the previous period.

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