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Singapore office rents up 9.8% in 2014

January 23, 2015 9:47 AM SGT

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SINGAPORE (Jan 23): Rentals for office space in Singapore jumped 9.8% last year, even as the pace of increase in the final three months moderated.

Rentals went up 1.7% in 4Q2014, less than the 2.6% increase in the September quarter, according to data released today by the Urban Redevelopment Authority.

The amount of occupied office space declined 6,000 sq m in 4Q2014, compared to an increase of 50,000 sq m in the earlier quarter.

On the supply front, the stock of office space increased 145,000 sq m between October and December, reversing a drop of 47,000 sq m in 3Q2014.

As a result, the island-wide vacancy rate for the office market rose to 10.2% at the end of last year from 8.4% in September.

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