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Prime rents of retail spaces remained unchanged in the City Hall, Marina Centre and Bugis precinct.
Prime retail rents in Q3 2019 remained flat at $30.5 per square feet per month (psf pm) due to the retail market getting to a “steady state”, reported Singapore Business Review citing Knight Frank.
Data released by Knight Frank show that rents in Orchard Road remained the same at $34.5 psf pm quarter-on-quarter (q-o-q) in Q3 2019 on the back of limited supply, which offset tourists’ lower spending.
The prime units also generated demand from new-to-market brands that wanted greater visibility to consumers, noted Knight Frank.
With “the market reaching an equilibrium”, prime rents of retail spaces remained unchanged in the City Hall, Marina Centre and Bugis precinct.
Island-wide occupancy rate of retail spaces stood at 92.3% in Q2 2019, near the three-year average occupancy rate of 92.2% from 2016 to 2018. Occupancy of shopping malls was also noted to have shown stability since 2016.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg