Singapore Office Rents Up 2.4% In Q2: URA
SINGAPORE – Office rents in the city-state increased by 2.4 percent quarter-on-quarter in Q2 compared to the prior three-month period, according to the 2nd Quarter 2022 real estate statistics published by the Urban Redevelopment Authority (URA) on Friday morning (22 July, SGT).
On an annual basis, Singapore office rents edged up by 1.29 percent in Q2 2022.
However, prices of office properties in the city-state declined 5.1 percent quarter-on-quarter in the April to June period, reversing the 4.4 percent increase in Q1 2022. Compared to the same period in 2021, office prices dropped by 5.04 percent.
In terms of office vacancy, it dipped to 12 percent during the period under review from 12.8 percent in Q1 2022 and 12.6 percent during the same period last year.
This came as the amount of occupied office space in Singapore rose by roughly 258,334 sq ft during the second quarter versus a fall of around 139,930 sq ft in Q1 2022.
During the period under review, overall office supply here dropped by 473,612 sq ft, exceeding the office stock drop of 182,986 sq ft in the previous three-month period.
As at the end of Q2 2022, there was a total supply of around 9.34 million sq (GFA) of office space in the pipeline in Singapore. This is up from about 8.98 million sq ft in the preceding quarter.