URA reports growth in available Singapore retail space
More Singapore retail space was available during the second quarter this year following tighter availability the previous quarter, reports the Urban Redevelopment Authority (URA).
It says there was 18,000 sqm more stock of retail space for the quarter compared to the decrease of 29,000 sqm for the previous three months. As a result, the island-wide vacancy rate of retail space rose to 8.1 per cent at the end of the second quarter compared to 7.7 per cent at the end of the first quarter.
URA’s retail property rental index fell 1.2 per cent in the second quarter, an improvement on the 2.9 per cent decrease for the previous quarter.
It says the index retreated 3.2 per cent in the second quarter, compared to the 4 per cent drop in the preceding quarter.
There was a net decrease in occupied retail space by 3000 sqm compared to the previous quarter’s decrease of 41,000 sqm.