Retail rent slide slows to 0.2% in Q3 but vacancy rate rises: URA

The vacancy rate of retail space rose to 8.2 per cent, from 8.1 per cent previously.
The vacancy rate of retail space rose to 8.2 per cent, from 8.1 per cent previously.PHOTO: ST FILE

SINGAPORE - Retail rentals have continued to slide, but fell by just 0.2 per cent quarter on quarter in the three months to the end of September, after a 1.2 per cent drop in the second quarter.

Source: URA

The decrease in prices of retail space also narrowed to 0.9 per cent quarter on quarter against an earlier fall of 3.2 per cent, according to numbers from the Urban Redevelopment Authority (URA) that came out on Friday (Oct 27).

But the vacancy rate rose to 8.2 per cent, from 8.1 per cent previously.

This came as an increase in occupied retail space was more than matched by an overall growth in stock.

The stock of retail space rose by a net 22,000 sq m (236,806 sq ft) in the third quarter, against an increase of 18,000 sq m in the quarter before.

 
 
 
 

But the amount of occupied retail space also went up by a net 15,000 sq m, after previously decreasing by 3,000 sq m.

On the supply side, the third quarter saw 556,000 sq m of retail gross floor area in the pipeline from projects under way - a dip from 576,000 sq m the previous quarter.

Source: URA