Retail property rentals, prices fall at slower clip in Q2 but vacancy rises: URA

THE Urban Redevelopment Authority's retail property rental index fell 1.2 per cent in the second quarter of this year over the preceding quarter - a smaller drop than the 2.9 per cent quarter-on-quarter decrease in Q1 2017.

URA said on Friday that its retail property price index retreated 3.2 per cent in Q2, again a smaller decline than the 4 per cent drop in Q1.

The amount of occupied retail space decreased by 3,000 sq m (nett) in Q2 2017, compared with the decrease of 41,000 sq m in the previous quarter.

The stock of retail space expanded 18,000 sq m (nett) in Q2 2017, against a decrease of 29,000 sq m in the previous quarter. As a result, the island-wide vacancy rate of retail space rose to 8.1 per cent at end-Q2 2017, from 7.7 per cent at end-Q1 2017.