More shops unoccupied on rising rents with Orchard Road the worst hit

Retail spaces in Orchard were the worst hit as vacancies climbed from 7.4 per cent in the second quarter this year to 7.9 per cent for the three months ended Sept 30 - the highest in three years. -- PHOTO: ST FILE
Retail spaces in Orchard were the worst hit as vacancies climbed from 7.4 per cent in the second quarter this year to 7.9 per cent for the three months ended Sept 30 - the highest in three years. -- PHOTO: ST FILE

SINGAPORE - There were more empty shops on the back of increasing rents in the third quarter, data from the Urban Redevelopment Authority on Friday showed.

Retail spaces in Orchard were the worst hit as vacancies climbed from 7.4 per cent in the second quarter this year to 7.9 per cent for the three months ended September 30 - the highest in three years.

Median rents in Orchard rose slighty to $!0.85, up from $10.82 in the preceding three-month period.

It was a similar story in the rest of the city, as more shops were left unoccupied. Vacancy rates were 7.4 per cent, up from 6.9 per cent in the second quarter. Rents were $6.43 psf a month, a touch higher than $6.41 in the previous quarter.

Outside the city areas, median rents were almost unchar $6.66 psf per month, while the number of empty units stood at 5.8 per cent.

ocheryl@sph.com.sg