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Chart from URA
Stock of office space increases by 2,000 sqm in 4Q23
The stock increase resulted in a drop in the island-wide vacancy rate.
The stock of office space increased by 2,000 sqm (nett) in 4Q23, data from the Urban Redevelopment Authority (URA) showed.
In 2022, the market saw a 42,000 sqm (nett) drop in office space stock.
The increase in office space stock resulted in the decline of the island-wide vacancy rate to 9.9% in 4Q23.
Meanwhile, occupied office space increased by 9,000 sqm (nett) in 4Q23, a moderation from the 23,000 sqm (nett) uptick in 3Q23.
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