Singapore retail rents up as vacancy rate tightens
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Singapore retail rents increased in the third quarter of this year, according to Urban Redevelopment Authority.
Figures published by The Straits Times show the rental rates increased by 2.3 percent, overturning a fall of 1.5 percent during the previous quarter.
According to the URA, the total supply of retail space available in ongoing projects within the territory stood at 288,000sqm, a reduction from 320,000sqm previously. Occupied retail space went up by 29,000sqm, as opposed to 74,000sqm in the second quarter.
This is what drove the turnaround in Singapore retail rents in the three months to September 30, says the URA.
Vacant retail space across the island now stands at 7.5 percent. This despite the opening of major shopping destinations Funan mall in downtown Singapore and Jewel Changi at the airport this year.
Questions & Answers
Q.By how much did retail rents in Singapore increase in the third quarter?
By how much did retail rents in Singapore increase in the third quarter?
Retail rents in Singapore increased by 2.3 percent in the third quarter of this year. This reversed a 1.5 percent fall that was observed during the previous quarter, according to the Urban Redevelopment Authority.
Q.What is the current vacancy rate for retail space across Singapore?
What is the current vacancy rate for retail space across Singapore?
The current vacancy rate for retail space across Singapore is 7.5 percent. This figure is reported despite the recent openings of major shopping destinations like Funan Mall and Jewel Changi this year.
Q.What is the total supply of retail space in ongoing projects in Singapore?
What is the total supply of retail space in ongoing projects in Singapore?
The total supply of retail space available in ongoing projects within Singapore currently stands at 288,000 square metres. This represents a reduction from the previous figure of 320,000 square metres.
Q.What caused the turnaround in retail rents in the third quarter?
What caused the turnaround in retail rents in the third quarter?
The turnaround in Singapore retail rents during the three months to September 30 was driven by an increase in occupied retail space. This went up by 29,000 square metres in the third quarter.
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