The central office rent index in Singapore declined by 3.5% Q- q in Q3 2021, whereas islandwide vacancies jumped by 12.9%
Visit Now: https://officefinder.com.sg/ The Urban Redevelopment Authority reports that the rental index for the central region of Singapore decreased by 3.5 percent over the previous quarter. It indicates a weak market for office rentals as compared with Q2 of 2021, where office rents rose 1.3%. In Q3 2021, the amount of occupied office space shrank by 25,000 sqm net lettable area (NLA), after declining by 23,000 sqm the previous quarter. Furthermore, office space increased by 31,000 square meters above the NLA of 34,000 square meters in Q2 2021. This led to an increase in the vacancy rate of office space for the entire island, increasing from 12.6% to 12.9% by the end of Q3 2021. In spite of this, experts predict the office rental market will perform better in the last quarter of 2021. Singapore has a higher vaccination rate than most other countries and the local government is likely to lift the safety measures and allow more people back to work at the beginning of next year. #offi...
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