Chart of the Day: Vacancy rate of CBD Grade A offices dipped to 3.5%

Find out which micromarket fell big-time.

According to Savills, they estimate that a total of 249,000 sq ft of Grade A office space in the CBD has been taken up in Q3/2013. 

This brought the total net absorption to 958,000 sq ft in the first nine months of this year, which is slightly below the average annual take-up of nearly 1 million sq ft in the last five years.

Here's more from Savills:

If the momentum in the leasing market continues in the last quarter, the net annual takeup of CBD Grade A office space is expected to surpass 2012’s 1.17 million sq ft.

The overall vacancy rate of CBD Grade A offices fell by another 1.0 ppt to 3.5% by September.

In terms of location, Grade A office buildings in the Beach Road/Middle Road, City Hall and Orchard Road areas enjoyed almost full occupancy.

The vacancy rate in the Shenton Way micromarket fell by 2.1 ppts to 5.3%, while Raffles Place/Marina Bay also dropped to 3.7% from 4.8% three months ago. Tanjong Pagar is the only location where the vacancy rate rose, by 2.1 ppts to 8.3%.