Stock of office space decreased by 4,000sqm in 4Q12

It caused vacancy rate to decline to 9.4%.

According to URA, rentals for office space decreased by 0.3% in 4th Quarter 2012, following a decline of 0.1% in the last quarter. For the year 2012 as a whole, rentals of office space had decreased by 1.3%, compared with the increase of 8.4% in 2011.

Prices of office space rose 0.3% in 4th Quarter 2012, compared with the increase of 1.9% in the previous quarter. For the year 2012 as a whole, prices of office space increased by 1.4%, compared with the increase of 13.8% in 2011.

As at the end of 4th Quarter 2012, there was a total supply of about 1.16 million sqm GFA of office space in the pipeline.

The amount of occupied office space increased by 17,000 sqm (nett) in 4th Quarter 2012, as compared to the increase of 71,000 sqm (nett) in the previous quarter.

On the other hand, the stock of office space decreased by 4,000 sqm (nett) in 4th Quarter 2012. As a result, the island-wide vacancy rate of office space as at the end of 4th Quarter 2012 decreased to 9.4%, from 9.7% as at the end of 3rd Quarter 2012.