OFFICE demand remained healthy in the first quarter of the year as rents stayed competitive, data from property consultancies showed yesterday.
CBRE said vacancy rates for Singapore offices fell 0.7 percentage points to 5.1 per cent, from 5.8 per cent in the previous quarter. This corresponds with DTZ’s research that saw average occupancy rates gaining 0.4 percentage points to 95.4 per cent.
CBRE said vacancy rates are the lowest since the fourth quarter of 2008, when it was 4.8 per cent.
Net absorption was 375,000 square feet versus 272,000 sq ft the previous quarter, DTZ said.