Singapore retail property rents, prices continue to slide in Q2

RETAIL property rents and prices in Singapore's central region continued to slide in the second quarter this year. The Urban Redevelopment Authority's rental index for retail space in the central region fell 0.5 per cent in the second quarter of this year over the previous quarter. This is a smaller pace of decline compared with the 4.4 per cent quarter-on-quarter drop in Q1 2021.

URA's price index for retail space in the central region eased 2.8 per cent quarter on quarter in Q2 2021.This follows a drop of 3.2 per cent in Q1 2021.

On an islandwide basis, as at the end of Q2 2021, there was a total supply of 419,000 square metres gross floor area of retail space from projects in the pipeline, slightly lower than the 428,000 sq m as at end-Q1 2021.

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The amount of occupied retail space grew by 14,000 sq m net lettable area (NLA)  in Q2 2021, compared with the increase of 28,000 sq m NLA in the previous quarter. The stock of retail space increased by 18,000 sq m NLA in Q2 2021, after growing by 10,000 sq m in the previous quarter. 

This resulted in the islandwide vacancy rate of retail space remaining unchanged at 8.5 per cent as at end-Q2 2021.