Retail vacancy dips 1.4% QoQ as rent grows in Q3

Gross monthly rent is up to $37.93 per square foot.

Retail market performance improved in the third quarter (Q3) despite economic uncertainties, with vacancy inching down to 1.4% from the previous quarterly decline to 1.5%, according to JLL.

The market conditions are driven by improving consumer sentiment and a rebound in tourist arrivals.

JLL said vacancy rates fell in the Prime and Suburban submarkets quarter on quarter (QoQ), whilst secondary submarkets saw a slight increase due to slower hiring activity.

Year-on-year (YoY) rent growth remains stable at 0.4% from Q2, with gross monthly rent slightly increasing from $37.89 per square foot (psf) to $37.93 QoQ.

Capital values also rose in tandem with rent as yields remained stable, according to the report.

Year-to-date (YTD) completions are at 0.10 mil sf, but YTD net absorption is negative, at -0.16 mil sf, signifying higher supply than demand for the quarter.

JLL said that lingering uncertainty with inflation and energy prices amidst geopolitical tensions affects consumer demand, as occupiers take a measured approach with real estate.

JLL predicts that vacancy rates may edge up slightly despite moderating supply in the near future, whilst a cautious tenant outlook will keep rental growth modest, varied across submarkets, and capital values stable through strong investor interest.

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