Retail space prices up 1.2% in 2023

Vacancy rate declined to 6.5% in the fourth quarter.

The price of retail space posted a slight uptick of 1.2% in 2023, compared to a 7.8% decline in the previous year, according to data from the Urban Redevelopment Authority (URA).

URA added that rentals saw a 0.4% growth, following a 2.4% decline in 2022.

During the fourth quarter alone, prices also rose by 1.2% compared to the previous quarter to reach an index of 97.4, whilst rental dipped by 0.1% to 78.7.

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Meanwhile, project supply in the pipeline during the fourth quarter was around 621,000 square metres of gross floor area (GFA), higher than the 600,000 sq m GFA in the third quarter.

Island-wide vacancy rate dipped to 6.5% during the fourth quarter from 7.2% in the third quarter.

OCcupied retail space during the last three months of 2023 increased by 63,000 sqm, compared to an 8,000 sq m decline in the third quarter. The stock of retail space also rose by 21,000 sq m, following a decrease of 23,000 in the previous quarter.