Retail space prices shrink 1.5% in Q2

The island-wide vacancy rate rose to 9.6% during the second quarter.

New data, released by the Urban Redevelopment Authority (URA), has revealed that the prices of retail space fell 1.5% in Q2, compared with a QoQ decrease of 3.1%. Rentals have also seen a decline by 3.5% during this period.

At the end of Q2, the total supply of gross floor area (GFA) was 364,000 sqm from pipelined projects, marginally higher than the GFA of 358,000 at the end of Q1.

The occupied retail space amount was down by 93,000 sqm (nett) this quarter, compared with the decrease of 43,000 sqm (nett) in the previous quarter.

The stock of such properties enhanced by 4,000 sqm (nett) compared with the reduction of 15,000 sqm (nett) in the first three months of this year. As a result, the total vacancy rate increased by 1.6% compared QoQ.