,Singapore

Retail rents up 2.3% in Q3: URA

It recovered from a 1.5% decline in Q2.

Retail rents rose 2.3% QoQ in Q3, reversing a 1.5% decline in the previous quarter, according to the Urban Redevelopment Authority (URA). The prices of retail spaces picked up at a faster pace QoQ at 1.1% from 0.4% in Q2.

At the end of the quarter, the total gross floor area of retail space from projects in the pipeline shrunk to 288,000 sqm, from 320,000 sqm in the previous quarter.

Also read: Retail space supply to drop sharply after 2019

The island-wide vacancy rate of retail space fell 7.5% as at end-Q3. The amount of occupied retail space expanded by 29,000 sqm (nett), smaller than the 74,000 sqm (nett) growth previously, whilst the stock of retail space grew by 16,000 sqm. 

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