THE Urban Redevelopment Authority’s (URA) office rental index for Singapore’s central region fell 1.7 per cent in the first quarter of 2024 over the preceding quarter.
This contrasts with the 0.3 per cent quarter-on-quarter (qoq) increase in Q4 2023.
URA data released on Friday (Apr 26) also showed that the price index of office space in the central region shrank 1.2 per cent in Q1 2024 from the previous quarter after easing 5.9 per cent qoq in Q4 2023.
Islandwide, as at the end of Q1 2024, there was a total supply of about 1,125,000 square metres (sq m) gross floor area of office space in the pipeline, a tad below the 1,126,000 sq m in the previous quarter.
The amount of occupied office space decreased by 9,000 sq m in net lettable area (NLA) in Q1 2024, reversing the increase of 9,000 sq m in the previous quarter.
The stock of office space decreased by 41,000 sq m in NLA in Q1 2024, after increasing 2,000 sq m in the previous quarter.
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As a result, the islandwide vacancy rate of office space fell to 9.6 per cent as at the end of Q1 2024, from 9.9 per cent as at the end of the previous quarter.
