Retail space prices and rents rise in Q3
The metrics rose by 1.7% QoQ and 0.3% QoQ, respectively.
Retail space prices rose by 1.7% QoQ in Q3 2024, reversing a 1.2% QoQ decline from the previous quarter, the Urban Redevelopment Authority reported.
Rentals also increased, rising 0.3% QoQ after remaining flat in Q2.
Available retail space supply in Q3 stood at 552,000 square meters (sqm) of gross floor area (GFA), down from 580,000 sqm in Q2.
Retail space stock increased only by 14,000 sqm, down from 43,000 sqm, resulting in an island-wide vacancy rate decline to 6.5%.
Meanwhile, occupied retail space increased by 17,000 sqm in Q3.