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Retail space prices up 1.2% in 2023

Vacancy rate declined to 6.5% in the fourth quarter.

The price of retail space posted a slight uptick of 1.2% in 2023, compared to a 7.8% decline in the previous year, according to data from the Urban Redevelopment Authority (URA).

URA added that rentals saw a 0.4% growth, following a 2.4% decline in 2022.

During the fourth quarter alone, prices also rose by 1.2% compared to the previous quarter to reach an index of 97.4, whilst rental dipped by 0.1% to 78.7.

ALSO READ: Stock of office space increases by 2,000 sqm in 4Q23

Meanwhile, project supply in the pipeline during the fourth quarter was around 621,000 square metres of gross floor area (GFA), higher than the 600,000 sq m GFA in the third quarter.

Island-wide vacancy rate dipped to 6.5% during the fourth quarter from 7.2% in the third quarter.

OCcupied retail space during the last three months of 2023 increased by 63,000 sqm, compared to an 8,000 sq m decline in the third quarter. The stock of retail space also rose by 21,000 sq m, following a decrease of 23,000 in the previous quarter.

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