What you need to know about your shopping spaces

The vacancy rate of shop space in 3Q11 surged to 6.2% -- so where have all the shops gone?

According to URA, rentals for shop space, based on leases which had commenced, increased by 0.5% in 3rd Quarter 2011, compared with 0.8% increase in the 2nd Quarter 2011. At the same time, prices 5of shop space increased by 3.4% in 3rd Quarter 2011, compared with the increase of 1.1% in the previous quarter.

As at the end of 3rd Quarter 2011, there was a total supply of 454,000 sq m GFA of shop space from projects in the pipeline. 

The amount of occupied shop space remained unchanged in 3rd Quarter 2011, compared with 2nd Quarter 2011. On the other hand, the stock of shop space increased by 14,000 sq m (nett) in 3rd Quarter 2011. The island-wide vacancy rate of shop space was 6.2% as at the end of 3rd Quarter 2011, compared with the 5.8% vacancy rate as at the end of 2nd Quarter 2011.