The stock of office space decreased by 41,000 sqm in 4Q23, a reversal from the 2,000 sqm increase in 3Q23.
According to the Urban Redevelopment Authority , the decrease in office space stock resulted in the decline of the island-wide vacancy rate to 9.6% in 1Q24 from 9.9% in 4Q23. The first quarter of 2024 also saw occupied office space decreasing by 9,000 sqm , a reversal from the 9,000 sqm increase in 4Q23.
Meanwhile, URA also reported that the price and rentals of office spaces decreased by 1.2% QoQ and 1.7% QoQ, respectively, in 1Q24....there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.4.
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Digital Core REIT's net property income drops 9.5% in 1Q24pstrongDistributable income also declined, dropping 2.4%./strong/p pReal estate firm Digital Core REIT saw its net property income fall 9.5% YoY to $21.49m (US$15.79m) in the 1Q24./p pIts revenue also fell 8.2% YoY to $33.45m (US$24.58m) in the same period.
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Investment volume drops 34.7% YoY to $4b in 1Q24pstrongGLS tenders played a significant role in the investment volume./strong/p pInvestment volume hit fell 34.7% YoY to $4.0b in 1Q24, Colliers reported./p pThe investment volume also fell across segments, with the commercial sector posting the largest decline of 52.7% QoQ.
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Sabana Industrial REIT's occupancy rate drops to 83% in 1Q24Sabana Industrial Real Estate Investment Trust (REIT) reported a decline in its occupancy rate for the first quarter of 2024 (1Q24) to 83% from 91.2% in the previous quarter (4Q23) due to the repossession of 33 & 35 Penjuru Lane.
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CLI reports lower revenue of $650m in 1Q24pstrongIts real estate investment business (REIB) revenue fell 4% YoY./strong/p pCapitaLand Investment’s (CLI) total revenue dipped to $650m in 1Q24 from $651m in 1Q23.
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Suntec REIT's distributable income dips 1.1% YoY in 1Q24pstrongWith lower income, the REIT also reported a 1.8% dip in DPU./strong/p pSuntec REIT posted a 1.1% YoY lower distributable income to unitholders of $44m in 1Q24./p pThe REIT also recorded a 1.8% YoY drop in its distribution per unit (DPU) from operations to $0.01511.
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CapitaLand India Trust's net property income surges 18% YoY in 1Q24pstrongThe REIT attributed the increase to higher property income./strong/p pIncreased property income propelled CapitaLand India Trust's (CLINT) net property income (NPI) up 18% YoY in SGD terms and 19% YoY in Indian Rupee terms in 1Q24./p pBased on its latest financial statement, CLINT recorded an NPI of $49.4m (₹3.1b).
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