The amount of occupied office space decreased by 55,000 sq m of net lettable area in the second quarter of 2020

S’pore office rents flat, while retail rents dip

Workplace rental fees in the central area continued to be unchanged in the 2nd quarter after a 0.8 percent drop in the initial, but costs for room dropped, information showed the other day.

It noted that buying workplaces because the zone was cheaper after worths contracted 4.3 percent after they relieved 4 percent in the first quarter.

There was an overall supply of concerning 668,000 sq m gross floor location of the area in the pipeline as of June 30, compared with 682,000 sq m since March 31.

Occupied workplace decreased by 55,000 sq m of web lettable area in the second quarter, a much larger drop than the 7,000 sq m decline in the first.

However, the stock of room increased by 43,000 sq m of internet lettable area after increasing 33,000 sq m in the first quarter similar to the Avenue South Residence and Ryse Residences.

This drove the islandwide openings price for offices to 12.1 percent as of June 30, up from 11 percent since March 31.

But retail rental fees in the main region diminished by 3.5 percent in the second quarter, compared with the very first three months, when they had actually relieved 2.3 percent.

Costs of retail space in the main region dropped 1.5 percent in the 2nd quarter, a smaller decrease than the 3.1 percent decline in the initial.

The quantity of busy retail space gotten by 93,000 sq m of the net lettable area in the 2nd quarter, compared with a 43,000 sq m drop in the very first.

Yet the supply of the retail room rose by 4,000 sq m of internet lettable location in the 2nd quarter, compared to a decline of 15,000 sq m in the previous quarter.

This sent the islandwide job price to 9.6 percent as of June 30, up from 8 percent since March 31.

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