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Singapore Faces Office Space Oversupply

Translator

Editor

28 July 2017 15:30 WIB

AP/Andy Wong

TEMPO.CO, Jakarta - The rate of office space rent in Singapore has fallen to its lowest level in seven years. This is mostly caused by an oversupply of office spaces, which has also led to Singapore’s highest office space vacancy rate in six years. 

Based on data published by Urban Redevelopment Authority (URA), the rate of office space occupancy plummeted by 1.1 percent to 155.6 spots during the second quarter, which is the lowest figure since September 2010.

Read: East, West Surabaya See Property Boom

Meanwhile, the vacancy level increased by 0.8 points to 12.4 percent, which is the highest figure since June 2011. Despite the declining trend, analysts believe that the situation would improve in the future.

A business group in 2016 was reported to have made an offer worth $1.9 billion for an office space in the Marina Bay district. The sovereign wealth fund (SWF) Qatar acquired an office space from BlackRock Inc for S$3.4 
billion.

BISNIS

Economy


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