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Singapore central region retail rents down 0.4% in Q3, prices slide 3.2%
RENTS of retail spaces in Singapore’s central region fell for the third quarter in a row this year. Q3 2022 rents slipped 0.4 per cent quarter on quarter following Q2’s 0.5 per cent decline, according to figures from the Urban Redevelopment Authority (URA) released on Friday (Oct 28).
Prices of retail space in the central region also fell by 3.2 per cent in Q3 after it dipped 1.2 per cent in Q2.
At the end of Q3 2022, there was a total supply of 415,000 sq m gross floor area of retail space from projects in the pipeline, compared with the 438,000 sq m in the previous quarter.
The stock of retail space rose by 10,000 sq m net lettable area (NLA) in Q3 2022, compared with the increase of 1,000 sq m in the previous quarter. The third quarter also saw the amount of occupied retail space increase by 30,000 sq m of NLA, versus the increase of 8,000 sq m in Q2.
By the end of September, islandwide vacancy rate decreased to 7.8 per cent, from 8.2 per cent as at end June.
Source: https://www.businesstimes.com.sg/real-estate/singapore-central-region-retail-rents-down-04-in-q3-prices-slide-32