Islandwide office vacancies grow up 0.1 to 5.1% QoQ
But vacancies for Core CBD's 'Grade A' offices dip to 3.9% from 4.2%
The vacancy rate for Islandwide offices increased by 0.1 pp to 5.1% in the first quarter of 2023 from 5.0% in the fourth quarter of 2022, despite its net absorption going down to 0.21 mil square feet due to the removal of the Clifford Centre and the transitional office site at 11 Tampines Concourse.
Data from CBRE Singapore's report also stated vacancies in Fringe CBD remain stable at 6.3%.
However, vacancies for 'Grade A' offices in the Core CBD decreased by 0.5 pp to 3.9% from 4.2%.
READ MORE: Core CBD Grade A office rents went up 0.4% QoQ in Q1 23
Meanwhile, the gross rent for the same offices in the Core CBD grew by 0.4% in the first quarter of this year to reach $11.75 per square foot/month, slower than 0.9% in the fourth quarter of 2022.
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