Office rentals rose 2.5% amidst rent increase in Q3

Vacancy rates dropped 0.2% despite the 28,000 sqm net lettable area increase in the stock of office rentals.

Office space rentals in Singapore increased 2.5% in Q3 from 170.3 in the previous quarter to 174.6, according to the Urban Redevelopment Authority’s (URA) rental index.

This is a much quicker increase compared to the 1.6% QoQ gain in the previous quarter, URA noted.

The amount of occupied office spaces in Singapore grew by 45,000 sqm net lettable area in Q3, compared to the 74,000 sqm net lettable area growth reported in the previous quarter, amidst the 0.1% climb in office rental prices in Q3.

“The island-wide vacancy rate of office space dropped to 12% at the end of Q3 in 2018, from 12.2% at the end of the previous quarter,” URA said.

Meanwhile, the stock of office spaces expanded by 28,000sqm net lettable area in Q3 compared to the 60,000 sqm net lettable area increase in the previous quarter, URA added. As of the end of Q3, there was also a 9.4% growth in the total supply of office space with about 793,000 sqm gross floor area (GFA) of office space in the pipeline.

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