Singapore retail rents increased in the third quarter of this year, according to Urban Redevelopment Authority. 

Figures published by The Straits Times show the rental rates increased by 2.3 per cent, overturning a fall of 1.5 per cent during the previous quarter.

According to the URA, the total supply of retail space available in ongoing projects within the territory stood at 288,000sqm, a reduction from 320,000sqm previously. Occupied retail space went up by 29,000sqm, as opposed to 74,000sqm in the second quarter. 

This is what drove the turnaround in Singapore retail rents in the three months to September 30, says the URA.

Vacant retail space across the island now stands at 7.5 per cent. This despite the opening of major shopping destinations Funan mall in downtown Singapore and Jewel Changi at the airport this year.