Mall vacancies at 10 year high

The vacancy rate rose to 8.4% in 3Q from just O.6%.

Singapore mall vacancies rose to the highest level in a decade in the third quarter as an oversupply of shop spaces added to muted spending by shoppers. A gauge of mall vacancies rose 0.6 percent to 8.4 percent in the three months ended Sept. 30, even as rents declined 1.5 percent in the quarter, data from the Urban Redevelopment Authority showed Friday. That’s the highest vacancy rate since Sept. 2006, according to data compiled by Bloomberg.

The Urban Redevelopment Authority in 2014 started including food and beverage, entertainment and fitness outlets to its retail space data, which it backdated to the first quarter of 2011, according to an e-mailed statement. Prior to 2011, the statistics only included shop space.

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