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Prices of retail space down 0.8% in 2015: URA

The islandwide vacancy rate of retail space rose to 7.2 per cent at the end of the fourth quarter, compared to 7 per cent at the end of the third quarter, said URA.

SINGAPORE: Prices of retail space declined 0.8 per cent and rentals by 4.1 per cent for the whole of 2015, according to data released by the Urban Redevelopment Authority (URA) on Friday (Jan 22). 

The islandwide vacancy rate of retail space rose to 7.2 per cent at the end of the fourth quarter, compared to 7 per cent at the end of the third quarter. This was a result of a 22,000sqm increase in the stock of retail space, while the amount of occupied retail space only rose 8,000sqm, said URA.

As of the fourth quarter, there was a total supply of about 808,000sqm gross floor area of office space in the pipeline, it added.

PRICES OF OFFICE SPACE FLAT

However, prices of office space in the Republic remained flat for the whole of 2015, dropping just 0.1 per cent from the year before, while rentals declined by 6.5 per cent.

For the fourth quarter, prices of office space also decreased 0.1 per cent from the previous quarter. Rentals, however, fell 1.8 per cent in the fourth quarter, compared to the 2.9 per cent drop in the third quarter of 2015.

As of the fourth quarter, there was a total supply of about 993,000sqm gross floor area of office space in the pipeline, said URA.

Both the stock of office space and the amount of occupied office space decreased in the fourth quarter, by 21,000sqm and 10,000sqm respectively. The island-wide vacancy rate of office space at the end of the fourth quarter was 9.5 per cent, down from the 9.6 per cent in the third quarter.