Vacancy rate for retail space islandwide rises to 8.4% at end-Q3

DATA released by the Urban Redevelopment Authority (URA) shows that its retail property rental index fell 1.5 per cent in the third quarter of this year over the preceding quarter - a smaller decline compared with the 3.9 per cent quarter-on-quarter drop in Q2 2016.

URA's retail property price index eased 0.6 per cent q-o-q in Q3 2016, after sliding 3.1 per cent in Q2 2016.

The islandwide vacancy rate of retail space rose to 8.4 per cent as at end-Q3 2016 from 7.8 per cent as at end-Q2 2016.

The amount of occupied retail space shrank 26,000 square metres (net) in the third quarter, contrasting with an increase of 1,000 sq m in the previous quarter. The stock of retail space increased by 17,000 sq m (net) in the third quarter, after rising 29,000 sq m in the previous quarter.

There was a total supply of 652,000 sq m gross floor area of retail space from projects in the pipeline as at end-Q3 2016.