Over 1.6 million sq ft to be added to retail space inventory by 2030

Of the upcoming supply, 392,000 sq feet will be completed in the second half of 2022.

The retail space inventory will see a top-up of 1.6 million square feet by 2030, data from Savills showed.

Of the upcoming supply, 392,000 sq feet will be completed in the second half of 2022, whilst 1.174 million sq ft will be added by 2030.

Despite a large amount of retail space coming in next year, Savills said the average annual supply in the pipeline until 2025 will only be 524,000 sq ft which is about  half the 1.05 million sq ft recorded
over the past five years, from 2016 to 2022.

The supply pipeline, however, will still give the market "convalescent time" for the market to recover from the "ill effects of the pandemic" in the next three years.