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Retail property prices dipped 3.1% in Q1: URA
The island-wide vacancy rate widened to 8%.
Retail space prices fell 3.1% QoQ in Q1, reversing the 1.8% growth seen in Q1 2019, according to the Urban Redevelopment Authority (URA).
Similarly, rentals of retail space slipped 2.3% QoQ, following the increase of 2.3% over the same period.
The amount of occupied retail space went down by 43,000 sqm (nett) in Q1, compared with the increase of 26,000 sq m (nett) in the previous quarter. The stock of retail space also dipped by 15,000 sqm (nett) in 1st Quarter 2020, from the 29,000 sqm (nett) growth in Q4 2019.
As a result, the island-wide vacancy rate of retail space widened to 8% as at end-Q1, from 7.5% in the previous quarter.
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