Rents down, vacancy rate up for retail space in Q2: URA
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Prices and rentals of retail space both dipped by 0.5 per cent in the second quarter of this year.
PHOTO: ST FILE
Rennie Whang
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SINGAPORE - Prices and rentals of retail space both dipped by 0.5 per cent in the second quarter of this year, according to data from the Urban Redevelopment Authority on Friday.
It was the second straight quarter of rental decline and comparable to the level seen early last year. Prices had stayed stable in the first quarter.
Vacancy rate of retail space rose 0.4 percentage points to 7.2 per cent for the second quarter, the highest in over four years.
Office rents also weakened by 2.6 per cent in the second quarter, after rising 0.6 per cent in the first quarter.
Office prices rose 0.3 per cent in the quarter, after falling 0.1 per cent in the first quarter.
Vacancy rate of office space dipped by 0.4 percentage points to 9.8 per cent for the second quarter.
