Singapore Office Rents Up 5.1% In Q4 2022: URA
SINGAPORE – Office rents in the city-state’s central region increased by 5.1 percent quarter-on-quarter in Q4, surpassing the 2.1 percent quarterly gain seen in Q3 2022, according to the Urban Redevelopment Authority’s (URA) 4th Quarter 2022 real estate statistics that was published on Friday morning (January 27, SGT).
On an annual basis, office rents in Singapore’s central region climbed by 11.68 percent during the last quarter of 2022.
As for the office vacancy level, it declined from 11.7 percent in the third quarter to 11.3 percent during the period under review. It was also lower than the 12.8 percent recorded in Q4 2021.
Meanwhile, the capital values or the selling prices of office properties in the city-state’s central region edged up by 3.7 percent quarter-on-quarter during the fourth quarter of 2022, reversing the 2.7 percent contraction registered in Q3. But for the whole of 2022, the selling prices dipped by 0.09 percent.
At the end of the October to December quarter, overall office supply in the pipeline reached around 9.39 million sq ft in gross floor area (GFA), slightly surpassing the 9.24 million sq ft witnessed during the preceding quarter.
In Q4 2022, the amount occupied office space by net leasable area (NLA) rose by about 96,875 sq ft, down from the 258,334 sq ft recorded in the third quarter. Nonetheless, total office supply by NLA fell by 247,570 sq ft in the fourth quarter after falling by 21,528 sq ft in the prior quarter.
