Retail vacancy up 0.6% in Q1

New completions increased available retail space.

Islandwide retail vacancy rose to 6.8% in Q1 from 6.2% in the previous quarter, Savills reported.

The increase was due to the addition of new retail space spanning 323,000 sq ft following the completion of Punggol Coast Mall and the revamp of The Cathay.

Savills said some landlords of prime Orchard malls saw strong lease renewal demand from luxury retailers, allowing them to secure higher rents due to limited supply.

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