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CBD's office vacancy rate dropped to 10.2%
It's the lowest in over 3 years.
According to Colliers International, Singapore’s CBD office vacancy rate fell to 10.2% in 1Q 2013, its lowest level in more than three years, thanks to demand from occupiers that was attributable to the recovery of business confidence.
Despite the weaker outlook – due to fiscal austerity, high unemployment in the Eurozone and supply pressures in the office market – improving market sentiment in the coming months is likely to limit the overall decline in office rents throughout 2013 to less than 5%.
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