Retail space prices up 0.3% in Q2

This is compared to a decline in Q1 2023.

Rentals of retail properties grew 0.3% in Q2 2023 from 0.3% decline in the previous quarter, the Urban Redevelopment Authority (URA) said.

URA data also noted that there were about 442,000 square meters GFA of retail space projects in the pipeline in the second quarter of 2023. This was higher from the 407,000 square meter space in the past quarter.

Occupied retail space went up 27,000 sq m (nett) in Q2 2023, compared with the 7,000 sq m (nett) drop in the previous quarter.

URA figures also showed that the stock of retail space grew by 18,000 sq m (nett) in Q2 2023 compared with the increase of 25,000 sq m (nett) in the previous quarter.

The island-wide vacancy rate of retail space fell to 7.5% in Q2 2023 from 7.6% in Q1 2023.