Singapore office rents flat in Q2 2020 but vacancy rises to 12.1%: URA

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RENTALS of office space in the focal district of Singapore remained unaltered in the second quarter of 2020 over the past a quarter of a year. This contrasts and a 0.8 percent drop in the main quarter of this current year.

Figures discharged by the Urban Redevelopment Authority (URA) on Friday likewise demonstrated that costs of office space in the focal locale contracted 4.3 percent in Q2 2020, subsequent to easing 4 percent in the past quarter.

Islandwide, as toward the finish of the second quarter of 2020, there was a total flexibly of around 668,000 square meters (sq m) net floor territory (GFA) of office space in the pipeline, contrasted and 682,000 sq m toward the finish of the past quarter.

The measure of consumed office space diminished by 55,000 sq m of net lettable territory (NLA) in the second quarter of 2020, an a lot greater drop than the 7,000 sq m decline in the past quarter. Then again, the stock of office space extended by 43,000 sq m NLA in the subsequent quarter, in the wake of rising 33,000 sq m in the past quarter.

Accordingly, the islandwide vacancy pace of office space rose to 12.1 percent as toward the finish of Q2 2020, from 11 percent at end-Q1 2020.

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