Prices of office space in Singapore surged 2.1%

Island-wide vacancy rate tumbled to 9.2%.

According to the Urban Redevelopment Authority's real estate statistics for 1Q 2013, prices of office space rose 2.1% in 1st Quarter 2013, compared with the increase of 0.3% in the previous quarter.

Meanwhile, rentals for office space continued their fall, decreasing 0.2% in 1st Quarter 2013, after declining 0.3% in 4th Quarter 2012.

At the end of 1st Quarter 2013, there was a total supply of about 1.164 million sq m GFA of office space in the pipeline.

The amount of occupied office space increased by 25,000 sq m (nett) in 1st  Quarter 2013, compared to the 17,000 sq m (nett) increase in the previous quarter.

On the other hand, the stock of office space increased by 16,000 sq m (nett) in 1st Quarter 2013. As a result, the island-wide vacancy rate of office space as at the end of 1st Quarter 2013 decreased marginally to 9.2%, from 9.4% at the end of 4th Quarter 2012.