Property Report Asia, 5 Jan 2009, Khalil Adis
Demand for office space in Singapore dwindled while rentals fell in the fourth quarter of 2008 as the global financial turmoil deepened, according to figures released by DTZ.
Islandwide office occupancy slid by 0.8 percentage point quarter-on-quarter or 2.0 percentage points year-on-year to 95.6 percent due to addition of new office supply of 246,000 sq ft in the quarter.
This is also due to weaker demand as companies shelved expansion, reduced space needs or relocated to more cost effective premises like high tech industrial space and converted state properties.
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