Rentals also suffered from weakness and fell by 1.1%.
Retail properties continued to face challenges in Q2 as prices dipped by 1.3% compared to the 0.1% increase in Q1, the Urban Redevelopment Authority (URA) revealed. Rentals also suffered from weakness and fell by 1.1% compared to the increase of 0.1% in Q1.
As at the end of Q2, there was a total supply of 498,000 sqm gross floor area (GFA) of retail space from projects in the pipeline, 6.04% lower than 530,000 sqm GFA in the previous quarter.
The amount of occupied retail space increased by 21,000 sqm (nett), after remaining unchanged in the previous quarter. The stock of retail space grew 10,000 sqm (nett) from 11,000 sqm (nett) in Q1.
As a result, the island-wide vacancy rate of retail space dropped to 7.3% from 7.5% at the end of the previous quarter.
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