OFFICE rents in Singapore’s central region fell 0.5 per cent in the third quarter of 2024 over the preceding quarter, contrasting with the 3.1 per cent quarter-on-quarter increase in Q2 2024.
The Urban Redevelopment Authority’s latest property market data released on Friday (Oct 25) also showed that prices of office space in the central region rose by 0.6 per cent in Q3 2024, after increasing 3.1 per cent in the previous quarter.
Islandwide, as at the end of Q3 2024, there was a total supply of about 903,000 square metres (sq m) gross floor area of office space in the pipeline, lower than the 1.01 million sq m as at at the end of Q2 2024.
The amount of occupied office space expanded by 17,000 sq m net lettable area (NLA) in Q3 2024, against the contraction of 20,000 sq m in the previous quarter.
The stock of office space increased by 36,000 sq m of NLA in Q3, 2024, after expanding 87,000 sq m in the previous quarter.
As a result, the islandwide vacancy rate of office space increased to 11 per cent as at end-Q3 2024, from 10.8 per cent as at end-Q2 2024.
