Office vacancy rate at 10% at end-Q1: URA

20140425-bt-office-vacancy-rate-10-percent-pic PRICES of office space rose 0.5 per cent in the first quarter of this year over the preceding quarter - the same 0.5 per cent increase seen in Q4 last year, Urban Redevelopment Authority said on Friday morning. Rentals of office space rose 2.4 per cent quarter on quarter in Q1 this year, following the 0.5 per cent increase in Q4 last year.

At the end of Q1 2014, there was a total supply of about 998,000 square metres gross floor area of office space in the pipeline. The island-wide vacancy rate of office space at the end of Q1 this year rose to 10.0 per cent, from 9.9 per cent at the end of Q4 last year.

Source: Business Times, 25 Apr 2014