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Vacancy rate for retail space islandwide rises to 8.4% at end-Q3

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Data released by the Urban Redevelopment Authority (URA) shows that its retail property rental index fell 1.5 per cent in the third quarter of this year over the preceding quarter - a smaller decline compared with the 3.9 per cent quarter-on-quarter drop in Q2 2016.

DATA released by the Urban Redevelopment Authority (URA) shows that its retail property rental index fell 1.5 per cent in the third quarter of this year over the preceding quarter - a smaller decline compared with the 3.9 per cent quarter-on-quarter drop in Q2 2016.

URA's retail property price index eased 0.6 per cent q-o-q in Q3 2016, after sliding 3.1 per cent in Q2 2016.

The islandwide vacancy rate of retail space rose to 8.4 per cent as at end-Q3 2016 from 7.8 per cent as at end-Q2 2016.

The amount of occupied retail space shrank 26,000 square metres (net) in the third quarter, contrasting with an increase of 1,000 sq m in the previous quarter. The stock of retail space increased by 17,000 sq m (net) in the third quarter, after rising 29,000 sq m in the previous quarter.

There was a total supply of 652,000 sq m gross floor area of retail space from projects in the pipeline as at end-Q3 2016.

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