Prices of office space up 1% in 3Q

As rentals rose by 0.8%.

According to the Urban Redevelopment Authority, prices of office space rose 1.0% in 3rd Quarter 2013, lower than the 1.5% increase in the previous quarter. Rentals of office space rose 0.8% in 3rd Quarter 2013, compared to the 0.2% increase in 2nd Quarter 2013.

Supply in the Pipeline

At the end of 3rd Quarter 2013, there was a total supply of about 1.086 million sq m GFA of office space in the pipeline.

Stock and Vacancy

The amount of occupied office space increased by 46,000 sq m (nett) in 3rd Quarter 2013, compared to the 19,000 sq m (nett) increase in the previous quarter.

The stock of office space increased by 122,000 sq m (nett) in 3rd Quarter 2013, compared to the decrease of 18,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of 3rd Quarter 2013 increased to 9.6%, from 8.8% at the end of 2nd Quarter 2013.