Downtown Singapore retail rents slip

Downtown Singapore retail rents have slipped again as vacancy rates rise.

According to the latest Urban Redevelopment Authority’s (URA) rental index of retail space, retail rents slipped by 1.2 per cent in the third quarter following a 1.1 per cent decline the preceding three months.

But the price of retail space available for sale in the central district rose 0.3 per cent during the quarter after a 1.3 decline in the previous period.

According to the URA, the amount of vacant retail space across Singapore rose from 7.3 per cent to 7.6 per cent quarter on quarter.  

And the amount of tenanted retail space fell by 26,000sqm last quarter, after rising 21,000sqm in the previous period.

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