Office space prices rise 3.1% in Q2

In Q2, occupancy decreased by 20,000 sq m.

Office space prices increased by 3.1% in Q2, compared to a 1.2% decrease in Q1. Rentals for office space also rose by 3.1% in Q2, following a 1.7% decrease in Q1.

Overall office supply for Q2 reached 1.01 million sq m gross floor area (gfa), down from 1.12 million sq m gfa in Q1.

In the same period, occupancy decreased by 20,000 sq m, a significant rise from the 9,000 sq m decrease in the previous quarter.

Meanwhile, the stock of office space rose by 87,000 sq m in Q2, doubling from 41,000 sq m in Q1. This resulted in a 10.8% increase in the island-wide vacancy rate of office space in Q2, up from 9.6% in the previous quarter.

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