Office market sees net absorption of 417,000 sq ft in Q3

The CBD and non-CBD areas contributed 20,000 sq ft and 17,000 sq ft, respectively.

Islandwide office occupancy rate slipped to 94.5% in Q3 2024, whilst CBD and non-CBD areas saw a marginal increase of 0.1%, Edmund Tie reported.

Overall net absorption of office space reached 417,000 sq ft, with the CBD and non-CBD areas contributing 20,000 sq ft and 17,000 sq ft, respectively.

On the flip side, occupancy rates in decentralised areas declined 1.3% with a net absorption of 380,000 sq ft due to the completion of Labrador Tower.

Meanwhile, the rental index in the central region slipped by 0.5% quarter-on-quarter (QoQ).

Edmund Tie also revealed that tenant preferences are shifting toward smaller office units to optimise space and manage costs.

Looking ahead, Edmund Tie expects the completion of new developments to create opportunities for tenants to explore occupancy strategies.

In addition, Edmund Tie expects rental rates to remain stable in 2024. However, rental rates for office spaces in non-central locations with limited accessibility and connectivity are expected to face downward pressure.

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