Office space prices up 1% in Q2

Vacancy declined to 10.8% during the period.

The price index of office space increased by 1% in the second quarter of 2023 reaching 117.2, following an unchanged index in the previous quarter.

In a statement, the Urban Redevelopment Authority (URA) also showed that the rental index during the period rose 2.3% to 190.2.

ALSO READ: Average monthly rents of Overall CBD Grade A offices up to $9.64 psf

By the end of the quarter, the total office supply in the pipeline was up by 10.8% to reach around 927,000 square metres (sqm).

The vacancy rate declined by 0.4 percentage points to 10.8% as the amount of occupied office space increased by 30,000 sqm during the period and the stock declined by 7,000 sqm.

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Urban Redevelopment Authority

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