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  • CBRE Comments : URA Real Estate Stats Q4 2015

CBRE Comments : URA Real Estate Stats Q4 2015

January 22, 2016
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22 January 2016, Singapore - Desmond Sim, Head, CBRE Research, Singapore and South East Asia comments on the URA Real Estate Stats in Q4 2015.

“Indices across residential, retail and office now point downwards, based on the latest figures from the URA. There is, however, a silver lining in the residential market. The market seems to be steadily absorbing the inventory of unsold units in existing projects as well as those projects which are still under construction - helped by a steady pool of buyers who continue to purchase homes as well as the government’s drastic cut in the number of new sites being offered for sale. Prices have once again fallen, albeit at a slower pace. The residential price index in Q4 2015 registered the slowest rate of decline since Q3 2013 when the full set of measures was implemented. If the decline continues at this controlled, measured pace, the residential market is poised for a soft landing.

 The URA indices for retail and office have also fallen quarter on quarter The figures indicate negative absorption for office and retail space. Retail rents have dipped 4 per cent from a year ago, reflecting the outpacing of supply over demand, weak demand for space due to headwinds with more tenants choosing to consolidate rather than expand. The retail market is restructuring in response to the changing patterns in consumer spending with the use of technology in retail.

 The negative absorption of office space is unsurprising, given the slowdown in demand for space. However, as a result of limited major office completions the whole of 2015, vacancy stayed at 9.5 per cent. Rents have corrected q-on-q in anticipation of the impending supply coming in the later half of 2016.” 

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Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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Geraldine Cheong
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