Retail space prices down 1.9% in Q1: URA

Rentals of retail space also saw a decline of 0.2%.

Prices of retail spaces fell by 1.9% in Q1 following the increase of 1.5% in Q4 2018, according to Real Estate Statistics of the Urban Redevelopment Authority (URA).

Rentals of retail space also saw a decline of 0.2% from a 1.2% rise in the prior quarter. As at the end of Q1, total supply stands at 364,000 sqm GFA of retail space from projects in the pipeline, as compared to the 387,000 sqm GFA of retail space in Q4 2018.

The amount of occupied retail space slipped by 14,000 sqm in Q1 as well, from an increase of 24,000 sqm in the previous quarter. The stock of retail space decreased by 2,000 sqm, following an increase of 84,000 sqm in Q4 2018.

As a result, the island-wide vacancy rate of retail space increased to 8.7% at the end of Q1, from 8.5% at the end of the previous quarter.