Singapore retail rents ease 2.3% q-o-q in Q1 2020: URA

RENTALS of retail space in Singapore's central region eased 2.3 per cent in the first quarter of 2020 over the previous three months, contrasting with a 2.3 per cent increase in the fourth quarter of 2019.

Data released by the Urban Redevelopment Authority (URA) on Friday also showed that prices of retail space in the central region shrank 3.1 per cent in Q1 2020, compared with an increase of 1.8 per cent in the previous quarter.

Islandwide, as at the end of the first quarter of 2020, there was a total supply of 358,000 square metres (sq m) gross floor area of retail space from projects in the pipeline, higher than the 333,000 sq m at the end of the previous quarter.

The amount of occupied retail space fell by 43,000 sq m of net lettable area (NLA) in Q1 2020, against an increase of 26,000 sq m in the previous quarter. The stock of retail space fell by 15,000 sq m NLA in Q1 2020 after rising 29,000 sq m (nett) in the previous quarter. As a result, the islandwide vacancy rate of retail space rose to 8 per cent as at the end of Q1 2020, from 7.5 per cent as at the end of Q4 2019.