Office space stock drops 41,000 sqm in 1Q24

The stock contraction resulted in a drop in the island-wide vacancy rate.

The stock of office space decreased by 41,000 sqm (nett) in 4Q23, a reversal from the 2,000 sqm (nett) increase in 3Q23.

According to the Urban Redevelopment Authority (URA), the decrease in office space stock resulted in the decline of the island-wide vacancy rate to 9.6% in 1Q24 from 9.9% in 4Q23.

The first quarter of 2024 also saw occupied office space decreasing by 9,000 sqm (nett), a reversal from the 9,000 sqm (nett) increase in 4Q23.

Meanwhile, URA also reported that the price and rentals of office spaces decreased by 1.2% QoQ and 1.7% QoQ, respectively, in 1Q24.

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Urban Redevelopment Authority

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