Retail space stocks grow by 19,000 sqm in Q1 2024

Retail space prices rose by 1.8% this quarter from 1.2%.

Singapore’s retail space stock grew by 19,000 sqm (nett) in the first quarter of 2024, leading to an island-wide vacancy rate increase of 6.7%.

According to the Urban Redevelopment Authority (URA), occupied retail space grew by 8,000 sqm (nett) in Q1, compared with the increase of 63,000 sqm (nett) in the fourth quarter of 2023.

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The report also revealed that retail space prices rose by 1.8% this quarter from 1.2%.

Moreover, rentals of retail space declined by 0.4% in comparison to the 0.1% decrease in Q4.

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