Spiraling up: Office rents in Singapore increase 2.8%
Employers, ring the alarm.
Rentals of office space rose further by 2.8% in 2Q14, adding to the 2.4% increase in the previous quarter, reveals the Urban Development Authority’s (URA) most recent report.
Despite increasing office rents, the amount of occupied office space increased by 22,000 sq m in2Q14, compared to just 6,000 in the previous quarter. As a result, vacancy fell from 10% to 9.6%.