Orchard Road rents tick up despite persistent retail headwinds

Rents climbed to $34.55 psf.

Intensifying retail headwinds did not dampen rental growth in the country's most famous shopping district. Data from CBRE showed that prime retail rents in Orchard Road inched up by 1% year-on-year to $34.55 psf in Q4.

Meanwhile, suburban rents remained flats at $30.30psf. CBRE attributed the growth to some key renewals in well-performing developments.

"Prime space in such developments is relatively scarce and retailers are willing to pay for a well-located store with high foot traffic and which attracts a wide catchment as the retail scene turns more competitibe," stated Desmond Sim, Head, CBRE Research, South East Asia.

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