Prime retail rents ‘stabilising’ after 2-year decline: Savills

Prime retail rents in Orchard Area rose by 0.4% in the first quarter of 2022.

Real estate analyst, Savills, said prime retail rents are showing signs of stabilising after reporting a two-year decline, adding that strict border rules and social distancing measures could have dampened overall rental growth.

Savills said in its latest report that monthly prime rents in the Orchard Area went up by 0.4%, on a quarterly basis, to $21 per square foot (psf) whilst in Suburban Areas, it rose by 0.5% quarter-on-quarter (QoQ) to $22.90 psf.

But, as this happened, Savills noted that most COVID-19 safe management measures are still existing in the first quarter of 2022, prompting retailers to remain cautious amidst uncertainty over the pace of recovery.

“Footfall and sales in the Central Business District have yet to return to normal levels as most offices were still either operating remotely in whole or adopting hybrid arrangements, resulting in a decline in catchment densities for retail space in the Downtown Core Planning Area,” Savills further pointed out.

It also said the slow return of human traffic may have led to vacancy of retail spaces such as The Assembly at Raffles City.

Data from the Urban Redevelopment Authority, its retail rental index for the Central Region declined by 0.4% QoQ after registering a short-lived recovery in the previous quarter.

Follow the link for more news on

Savills

singapore prime retail rents

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia