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First quarterly drop in office rental index since 2017

The divergent performance of the office price and rental indexes could be a sign that tenants are showing some resistance to higher rents.
The divergent performance of the office price and rental indexes could be a sign that tenants are showing some resistance to higher rents.PHOTO: ST FILE

The office rental index compiled by the Urban Redevelopment Authority (URA) declined by 0.6 per cent in the first quarter of this year after rising for six consecutive quarters, the first quarterly drop since the second quarter of 2017.

This was mainly driven by the fall in the rental index in the fringe area, which showed a 1.2 per cent decline over the preceding quarter.

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A version of this article appeared in the print edition of The Sunday Times on June 09, 2019, with the headline 'First quarterly drop in office rental index since 2017'. Print Edition | Subscribe