Vacancy rate of Grade A office space in CBD dips to 5.9%

Almost 489,000 sq ft of space was taken up.

According to Savills data, about 489,000 sq ft of CBD Grade A office space was taken up in Q1/2013, in contrast to the 80,000 sq ft in the previous quarter.

This, together with no new supply during the same period, caused vacancy rates in most micro-markets to fall for the second successive quarter.

Here's more from Savills:

The declines ranged from 0.5 to 3.9 percentage points (ppts). By the end of March, the overall vacancy rate of CBD Grade A office space stood at 5.9%, 1.9 ppts down from 7.8% at the end of 2012.

Due to the quick absorption of remaining vacant space in Asia Square Tower 1 and MBFC Tower 3 in the reviewed quarter, occupancy rates of prime (AAA grade) office buildings in the Marina Bay precinct (95.0%) have surpassed those of other Grade A offices (93.8%) in our basket for the first time since Q3/2011.

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