Rents down, vacancy rate up for retail space in Q2: URA

Prices and rentals of retail space both dipped by 0.5 per cent in the second quarter of this year.
Prices and rentals of retail space both dipped by 0.5 per cent in the second quarter of this year. PHOTO: ST FILE

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.


SOURCE: URA

Office rents also weakened by 2.6 per cent in the second quarter, after rising 0.6 per cent in the first quarter.


SOURCE: URA

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.