Investment sales volume came to $8.493 bn in Q3 2019, representing a 34.3% q-o-q growth. On the back of a handful of significant deals, the office segment registered the highest volume, driving overall investment sales.
Amid the heightened uncertainties around the weaker global growth, cautious sentiment prevailed in the office market in Q3 2019. This weighed on office demand.
It was a quiet quarter for the business parks market. With no new completions this quarter, islandwide vacancy tightened by 0.4% q-o-q to 12.7%.
The retail scene continues to be a two-tier market with resilience in prime space while secondary malls and corridors remain challenged.
The URA flash estimate of the third quarter 2019 private residential property price index registered a positive change of 0.9% q-o-q and it marks the second consecutive quarter of increase.
The manufacturing sector continued to face challenges amid the weak trade environment in Q3 2019. Leasing activity was muted, consisting mainly of renewals and relocations.