This increase boosted island-wide rents.
The rents of malls in Orchard Road rose 0.6% both QoQ and YoY and lifted rents in island-wide malls by 0.3% QoQ in Q3, Knight Frank revealed.
However, on a YoY basis, island-wide mall rents dropped 1.3%, it said in its research bulletin.
Whilst average prime retail space rents in Marina Centre, City Hall and Bugis precinct remained unchanged QoQ, a 5.3% YoY decline was reported as landlords continue to struggle with weakening occupancy.
The performance of prime retail space rents in the City Fringe precinct saw modest improvement at 0.3% QoQ, and remained the same YoY.
The Suburban precinct was the only underperformer this quarter, with average prime retail space rents reporting a 0.2% QoQ decline, and a 2.5% YoY drop.
Photo by Sengkang - Own work, Copyrighted free use
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