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Retail property prices and rentals fall further in Q4: URA
PRICES of retail space fell 0.1 per cent in the fourth quarter of 2015, after falling 0.3 per cent in Q3.
Rentals of retail space fell 1.3 per cent in Q4, after falling 2 per cent in Q3.
For the whole of 2015, prices of retail space had fallen by 0.8 per cent, while rentals had declined by 4.1 per cent
These were according to data released by the Urban Revelopment Authority on Friday.
As at the end of Q4 2015, there was a total supply of 808,000 square metres gross floor area of retail space from projects in the pipeline.
Occupancy wise, the amount of occupied retail space increased by 8,000 sq m (net) in Q4, compared to the decrease of 13,000 sq m (net) in the previous quarter.
Meanwhile, the stock of retail space increased by 22,000 sq m (net) in Q4, compared to the 24,000 sq m (net) decrease in the previous quarter.
As a result, the island-wide vacancy rate of retail space rose to 7.2 per cent at the end of Q4, up slightly from 7 per cent at the end of Q3.