Singapore retail vacancy creeping up with more tenants looking to exit

[SINGAPORE] Retail space vacancy across Singapore crept up in the first quarter as net take-up slowed and fresh supply hit the market, with leasing agents observing more tenants looking to pre-terminate their leases.

Islandwide, retail vacancy inched up to 6.8 per cent in Q1 2025 from 6.2 per cent in the previous quarter, based on government data.

Some 323,000 square feet (sq ft) of new space came on stream in Q1, a report by Savills Singapore showed. And net demand for retail spaces stood at a negative 129,000 sq ft in the period, reversing five quarters of positive take-up, as occupancy fell across most areas.