Prices of retail space down 0.8% in 2015: URA

Prices of retail space declined 0.8 per cent and rentals by 4.1 per cent for the whole of 2015, according to data released by the Urban Redevelopment Authority (URA) on Friday (Jan 22).

The islandwide vacancy rate of retail space rose to 7.2 per cent at the end of the fourth quarter, compared to 7 per cent at the end of the third quarter. This was a result of a 22,000sqm increase in the stock of retail space, while the amount of occupied retail space only rose 8,000sqm, said URA.

As of the fourth quarter, there was a total supply of about 808,000sqm gross floor area of office space in the pipeline, it added.

Source : Channel NewsAsia – 22 Jan 2016

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