Retail space vacancy rate soared to record high as major retailers exit

Island-wide vacancy rate jumped to 6.8% in Q1.

The republic’s retail space vacancy rate jumped to an all-time high of 6.8% in the first quarter as a number of major retailers chose to close shop.

According to JLL, the island-wide vacancy rate was driven mainly by the withdrawal of big-name retailers in Orchard, Downtown Core, and even in the Rochor and Outram areas.

JLL highlighted that the vacancy rate in the Downtown Core recorded a historical high of 11.% in Q1, while the rental index of private sector retail space in Central Area slipped by 0.5% quarter-on-quarter after three consecutive quarters of less than 1% increases.

“As tourist arrivals have fallen since the second half of 2014, business sentiment in Central Area has been badly affected,” stated JLL.