Singapore Office Rents Up 1.6% In Q1, Says URA
SINGAPORE – Office rents in the city-state rose 1.6 percent quarter-on-quarter in Q1 2022, surpassing the 0.9 percent gain in the preceding quarter, according to the latest property statistics published by the Urban Redevelopment Authority (URA) on Friday morning (22 April, SGT).
On a year-on-year basis, rents of office space in Singapore edged up by 0.19 percent during the first three months of 2022.
At the same time, capital values of office buildings in the Central region inched up by 1 percent. On a quarterly, basis, prices of office space here climbed 4.4 percent, reversing the 1.8 percent dip in Q4 2021.
While the island-wide vacancy rate remained unchanged at 12.8 percent between Q4 2021 and Q1 2022, it’s an improvement from the 11.9 percent witnessed in Q1 2021.
“The amount of occupied office space decreased by 13,000 sq m (nett) in Q1 2022, compared with the decrease of 10,000 sq m in the previous quarter. The stock of office space decreased by 17,000 sq m in Q1 Quarter 2022, compared with the decrease of 23,000 sq m in the previous quarter,” said the URA in its latest real estate statistics.
“As at the end of Q1 2022, there was a total supply of about 834,000 sq m gross floor area (GFA) of office space in the pipeline, compared with the 786,000 sq m of office space in the pipeline in the previous quarter,” added the government agency.