Q1 negative net office absorption sign of worse to come

Singapore

HIT by the Covid-19 outbreak which added to the headwinds from the unresolved US-China trade tensions from last year, net office absorption in Singapore in the first quarter of this year shrank for the first time in 12 quarters.

This led to the third consecutive quarter-on-quarter correction in the Urban Redevelopment Authority's office rental index for the central region.