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The Urban Redevelopment Authority (URA) on Friday released its Q3 2014 real estate statistics, where commercial segment saw mixed results in terms of prices and rents.
Prices of office spaces in Singapore increase by 1.6 percent in Q3, after remaining unchanged in the previous quarter.
Office space rents went up by 2.6 percent in the same quarter, following a 2.8 percent increase in Q2. The quarter saw a total supply of about 11.7 million sq ft gross floor area (GFA) of office space in the pipeline.
The amount of occupied office space increased by over 538,000 sq ft (nett) in Q3, compared to almost 237,000 sq ft (nett) increase in the previous quarter. According to URA, the stock of office space decreased by almost 506,000 sq ft (nett) in Q3, compared to the decrease of just 10,763 sq ft (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space at the end of the quarter fell to 8.4 percent, from 9.6 percent at the end of Q2.
Over at the retail sector, prices declined by 0.2 percent in Q3 2014, following a decline of 0.3 percent in the previous quarter. Meanwhile, rentals of retail space increased by 0.1 percent in the last three months, compared to the 0.6 percent increase in Q2.
At the end of the 3rd Quarter, there was a total supply of 884,000 sq m GFA of retail space from projects in the pipeline.
According to the release, the amount of occupied retail space in the city-state increased by 161,000 sq ft (nett) in Q3, while the stock of retail space increased by almost 560,000 sq ft (nett) in the same quarter. As a result, the island-wide vacancy rate of retail space rose to 6.5 percent at the end of Q3 2014, from 5.9 percent at the end of the previous quarter.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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