Chart of the Day: Average prime rents slip by 2.2%

Rents for prime spaces fell to $24.75 psf/month.

This chart from CBRE Research shows that the average prime rents islandwide fell 2.2% QoQ to $24.75 psf/month.

According to the research group, weakness was seen in the City Hall/Marina Centre and the Rest of Fringe areas.

Meanwhile, about 214,400 sq.ft. of retail space was completed in 2Q17, 94% of which was in the Downtown Core – comprising Marina One - The Heart (140,000 sq. ft.), Duo Galleria (54,136 sq. ft.) and UIC Building (6,701 sq. ft.). It is noted that demand for F&B spaces in the new larger projects has been strong.

Another 925,582 sq. ft. is expected to be completed in H2 2017, of which 60% should be in the Outside Central Region. A noteworthy project in this region is Northpoint City (305,000 sq. ft.), which has been filling up even amid competition from surrounding developments.