Singapore Office Retail Rents Fall
SINGAPORE (THE BUSINESS TIMES) – Retail property rents in Singapore’s focal locale continued to withdraw in the second from last quarter of this current year, while those for office space fell, reversing a six-month recuperation.
According to data from Urban Redevelopment Authority (URA) on Friday (Oct 22), retail rents fell by a more honed 2.7 percent in the second from last quarter, after a 0.5 percent dunk in the subsequent quarter.
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In the interim, costs for retail space in the focal district remained unaltered, following a decline of 2.8 percent in the subsequent quarter.
On an islandwide premise, as toward the finish of the second from last quarter, there was an all-out supply of 428,000 sq m of gross floor region (GLA) of retail space from projects in the pipeline, up 2.1 percent from 419,000 sq m as toward the finish of the second quarter this year.
The measure of consumed retail space extended by 33,000 sq m net lettable region (NLA) in the second from last quarter, contrasted and an increase of 14,000 sq m NLA in the past quarter. A load of retail space increased by 7,000 sq m NLA in the second from last quarter, after a bigger 18,000 sq m increase in the past quarter.
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This came about in the islandwide opening pace of retail space dropping from 8.5 percent at end-June to 8.1 percent as at end-September.
Rents for office space in the focal locale fell 3.5 percent in the second from last quarter over the past quarter, the URA data showed. This difference with the 1.3 percent quarter-on-quarter ascends in the subsequent quarter.
The costs for office space in the focal area likewise slipped, by 2.4 percent against the increase of 0.9 percent in the past quarter.
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Islandwide, toward the finish of the second from last quarter, there was an absolute stockpile of around 755,000 sq m GFA of office space in the pipeline, higher than the 697,000 sq m toward the finish of the past quarter.
Net interest, as estimated by the measure of consumed office space, shrank by 5,000 sq m NLA, subsequent to contracting by 23,000 sq m in the past quarter.
Then again, the load of office space rose 26,000 sq m NLA in the second from last quarter, in the wake of expanding by 34,000 sq m in the past quarter.
Thus, the islandwide opening pace of office space moved to 12.9 percent as at end-September, from 12.6 percent as at end-June.
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