Chart of the day: Cranes building office spaces in the CBD to fall silent in 2019

Only office block is due to be completed that year.

As the office space supply is expected to surge with several completions next year, the sector is in for a turnaround in the year after with supply eventually declining starting 2019.

According to a report by MayBank Kim Eng, the impending redevelopment of Funan is the only known prime office supply in the said year, with a size of 204,000 sq ft.

Outside prime, another 535,000 sq ft. would be introduced at Woods Square in the northern part of the Island.

"While the impending redevelopment of Park Mall in Orchard and CPF Building on Robinson Road should introduce more space in 2019 and beyond, the maximum lettable office space from these two is unlikely to exceed 900k sq ft.," the report said, noting that this is compared to an annual absorption rate of 1.4 million sq ft. in 2009.

With this vacancy levels could improve materially from the said year.

Meanwhile, the ongoing site at Central Boulevards is the only other source of prime office supply beyond 2020.

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