Office space prices up, but retail space prices soften slightly in Q3: URA

Prices of office space increased by 1.6 per cent in the third quarter of the year, while rental prices of office space rose 2.6 per cent in the same period, the Urban Redevelopment Authority (URA) said on Friday (Oct 24).

In the same period, vacancy rate of office space fell to 8.4 per cent, compared to 9.6 per cent at the end of the second quarter. The URA said that this was in part due to a 47,000sqm decrease in the stock of office space in the third quarter, compared with a 1,000sqm decrease three months prior.

The amount of occupied office space increased by 50,000sqm (nett) in the third quarter, compared to the 22,000sqm (nett) increase in the previous quarter, the URA said.


Prices of retail space declined by 0.2 per cent in the third quarter, following on a decline of 0.3 per cent in the previous three months. The increase of rental rates of retail space also slowed, rising by 0.1 per cent in the past three months, compared to the 0.6 per cent increase in the second quarter of the year.

The amount of occupied retail space increased by 15,000sqm (nett) in the third quarter, while the stock of retail space increased by 52,000sqm (nett) in the same period. As a result, the island-wide vacancy rate of retail space rose to 6.5 per cent at the end of third quarter, up from 5.9 per cent as of end-June.

Source : Channel NewsAsia – 24 Oct 2014

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