Chart of the day: Is it all downhill from here for prime retail rents?

Orchard Road median prime rents dropped again in Q2.

When it comes to rents, Singapore's retail sector remains an occupier's market.

According to a report by CBRE, average prime rents for Orchard Road and Suburban continued to tumble for the sixth and third quarter respectively in 2Q16.

CBRE asserts, however, that prime rents in the two submarkets might have reached support levels with the rate of deceleration having peaked for the year.

"This can be attributed to the lack of new supply in Orchard Road in the foreseeable future and the recent successful leasing activity for prime space in well-positioned Suburban shopping centres," notes CBRE.

Further, the medium-term is seen to be fraught with more headwinds, as weak retail sales continue to be the main drag on demand. CBRE also notes that landlords have turned to forward renewals in a bid to maintain occupancy levels in their portfolio.

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