Supply of office space to be robust in 4Q11

Question is, will most of them be occupied?

Hopes are high as the the amount of occupied office space increased by 52,000 sq m in 3Q11, as compared to the increase of 62,000 sq m in the previous quarter.

According to the Urban Redevelopment Authority, rentals for office space, based on leases which had commenced, increased by 0.9% in 3rd Quarter 2011, lower than the increase of 1.5% in 2nd Quarter 2011. Prices of office space increased by 3.7% in 3rd Quarter 2011, higher than the 3.6% increase in the previous quarter.

Supply in the Pipeline

As at the end of 3rd Quarter 2011, there was a total supply of about 933,000 sq m GFA of office space in the pipeline.

More supply of office space will also come from the GLS sites which were recently awarded by the Government in 2011. This includes the commercial sites at Robinson Road / Cecil Street and Peck Seah Street / Choon Guan Street. In addition, more supply of commercial space is also expected from the development of the 6 plots of land at Marina Bay and Ophir Road / Rochor Road to be jointly developed by M+S Pte Ltd.

Stock and Vacancy

The amount of occupied office space increased by 52,000 sq m (nett) in 3rd Quarter 2011, as compared to the increase of 62,000 sq m in the previous quarter. On the other hand, the stock of office space decreased by 6,000 sq m in 3rd Quarter 2011. The island-wide vacancy rate of office space as at end of 3rd Quarter 2011 decreased to 11.7%, from 12.5% as at the end of 2nd Quarter 2011.

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