Vacancy rate in the CBD dipped to 6.5% in 4Q13 amidst zero new completion

See which projects recorded healthy take-up rate.

According to Jones Lang LaSalle, with limited new supply in the office market, stable demand continued to support absorption of vacant space in the CBD submarket.

As such, the overall CBD vacancy rate declined from 7.1% in 3Q13 to 6.5% in 4Q13. Asia Square Tower 2 and Marina Bay Financial Centre Tower 3 saw healthy take-up, as the Marina Bay submarket likely experienced a flight-to-quality by some firms.

However, such preference for good quality assets led to some corporates in the Shenton Way submarket returning space to the market.
Workplace Options took up 2,200 sq ft of space in Equity Plaza while IMCD Asia took up 2,780 sq ft of space in Millenia Tower during the quarter. Jones Lang LaSalle notes that no new completions were recorded in 4Q13.

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