Office prices down 3.9% in Q3: URA
This reverses the 0.9% price growth in the previous quarter.
Office prices dropped 3.9% QoQ, reversing the 0.9% growth in Q2, according to data from the Urban Redevelopment Authority. Rentals of office space also fell 0.6% QoQ, compared to a 1.3% increase in the previous quarter.
Total office supply in the pipeline hit about 738,000 sqm GFA in Q3, slightly higher than 732,000 sqm GFA in Q2. The amount of occupied office space increased by 71,000 sqm from 35,000 sqm (nett) over the same period.
Office space stock declined 4,000 sqm (nett) in Q3, a reverse from the 7,000 sqm (nett) growth in Q2.
As a result, the island-wide vacancy rate of office space slid to 10.6% in the quarter, from 11.5% in the previous quarter.