Occupancy rate of Premium, Grade A offices in CBD down 1.7%
Here's what led this fall.
According to Colliers International, the average occupancy rate of Premium and Grade A offices in the CBD eased 1.7 percentage points to 93.5% in 3Q 2013, down from a four-and-a-half year high of 95.2% in 2Q 2013.
The fall was led by a 6.5-percentage point drop in occupancy rates in the Premium Grade office space in the Raffles Place/New Downtown micro-market to 87.0% in 3Q 2013 due to the completion of Asia Square Tower 2 (733,000 sq ft) at Marina View.