More space, lower rents in Singapore

More retail space is available in the city, with a slight dip in prices and a decrease in rental costs.

Singapore retail vacancy rates rose to 7.2 per cent at the end of the fourth quarter last year from 7 per cent at the end of the third quarter, according to the Singapore Urban Redevelopment Authority.

During the quarter, there was a 0.1 per cent dip in the prices of retail space, compared to a decrease of 0.3 per cent the previous quarter. Rental rates fell 1.3 per cent, following a 2 per cent drop in the third quarter.

For the year overall, prices for retail space were down 0.8 per cent while rentals fell by 4.1 per cent.

At the end of the fourth quarter, there were 808,000 sqm of retail space in projects in the pipeline.

Occupied retail space grew 8000 sqm in the fourth quarter of last year, compared to a drop of 13,000 sqm in the previous quarter. In the same period, the stock of retail space increased by 22,000 sqm compared to a 24,000 sqm decrease.