31 Jul '17, 5am

Better prospects for office sector

Better prospects for office sector

E-mail to friend Bookmark & Share Singapore’s office property market is anticipated to recover later this year despite the lacklustre performance during the second quarter, reported the Straits Times. According to statistics from the Urban Redevelopment Authority (URA), the quarterly drop in office rents and prices eased in Q2 2017. The former improved from a fall of 3.4 percent in the first quarter to a dip of 1.1 percent, while the rate of decline in prices slowed down from 4.0 percent to 1.4 percent. However, the vacancy rate rose from 11.6 percent to 12.4 percent alongside a 76,000 sq m gain in office supply during the second quarter of this year. Despite the weaker figures, property experts are upbeat on the market’s outlook. “There are signs that the office market is starting to turn the corner” following nine quarters of decline, said Cushman & Wakefield’s Research ...

Full article: http://www.commercialguru.com.sg/property-management-news...

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