Office space just got a tad pricier

This is after a 0.9% decrease.

According to URA's 3Q12 Real Estate Statistics, rentals for office space decreased by 0.1% in 3rd Quarter 2012, following a decline of 0.5% in the last quarter.

Prices of office space rose 1.9% in 3rd Quarter 2012, after a decline of 0.9% in the previous quarter.

As at the end of 3rd Quarter 2012, there was a total supply in the pipeline of about 1.17 million sq m GFA of office space in the pipeline.

The amount of occupied office space increased by 71,000 sq m (nett) in 3rd Quarter 2012, as compared to the increase of 33,000 sq m (nett) in the previous quarter.

On the other hand, the stock of office space decreased by 22,000 sq m (nett) in 3rd Quarter 2012. As a result, the island-wide vacancy rate of office space as at the end of 3rd Quarter 2012 decreased to 9.7%, from 10.9% as at the end of 2nd Quarter 2012.

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