Download the report: Q4 2019 Marketview
During the fourth quarter of 2019, just 2 condominium projects completed, adding 500 units to total completed stock. Continued delays in construction limited supply growth across 2019 to just 27%. Increasing developer confidence in the residential sector contributed to the launch of 4,051 units in 5 projects during the last quarter.
Three new office buildings completed during Q4, comprising 27,983 sqm of new stock. The majority of supply resided in the strata-titled Fortune Tower development by OCIC. On average, rents remained broadly static, trending upwards at a moderate pace in the Grade B segment. Occupancy rebounded to a record high of 89%.
Total stock in the retail sector grew 9.9% q-o-q on the back of three project completions. Shopping Malls and Retail Podiums saw substantial rent increases of 6% and 5%, respectively, whilst Community Mall rates continued to moderate, falling 3% over the quarter.