URA Q3 Data Confirms Pick-up In Office Leasing Market

Latest figures from Urban Redevelopment Authority (URA) confirm the views of some industry players that the office leasing market has emerged out of a downturn. URA’s office rental index in the central region rose 0.8 per cent in the third quarter over the preceding quarter. This marked a bigger increase compared with the 0.2 per cent gain registered in Q2. However, the islandwide office vacancy rate climbed to 9.6 per cent at end-Q3 from 8.8 per cent three months earlier.