Rents of retail area in the central area of Singapore climbed by 2.3 percent in the next quarter, after falling 1.5 percent in the past quarter, based on information published by the Urban Redevelopment Authority (URA) on Friday (Oct 25).
URA’s cost index of retail area from the central place was up 1.1 percent in Q3, compared to the 0.4 percent growth in Q2.
At the end of Q3, there was a whole supply of 288,000 square metres (sq m) gross floor area (GFA) of retail area from jobs in the pipelinedown from 320,000 sq m GFAin the preceding quarter.
The quantity of occupied retail area rose by 29,000 sq m (nett) at Q3, as well as the gain of 74,000 sq m (nett) from the preceding quarter.
Meanwhile, the inventory of retail space rose by 16,000 sq m (nett) at Q3, vis-a-vis a rise of 18,000 sq m (nett) from the preceding quarter.
Because of this, the island-wide vacancy rate of retail area tightened to 7.5 percent as at the end of this next quarter from 7.7 percent as at the end of the last quarter.