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.