Chart of the day: Average rents in City Hall, Marina Center fell 12% from 2014 peak
Average rents in the area have been on a downturn since 2010.
This chart by UBS shows that average rents in City Hall and Marina Center continue to drop as it now crashed 12% below its previous peak in Q4 2014.
UBS noted that whilst Singapore’s retail sector appears to have weathered the worst of the global retail downturn, the road to recovery could thus be a long one, with most caution reserved for shopping centres in the Downtown Core or in the City Hall and Marina Center area.
Average rents in City Hall/Marina Center used to be higher than that of the suburban area but that tables have turned since early 2010 .
Amongst the three broad areas that the retail market is categorised into the City Hall/Marina Center area seems to lack the draw of the prime shopping belt and the residential catchment that supports the suburban malls.