Suburban prime retail market seen to rise by 1.5%-3.5%

This is due to hybrid work and consumers’ patronage of essential services.

Suburban prime retail rents already grew 1.1% in the first half of 2023 YTD, exceeding 2019 rents as suburban retail units remain in demand, said Cushman & Wakefield in its latest report.

The recently completed Woodleigh Mall garnered 96% committed occupancy as of May 2023, whilst One Holland Village Shops, which is completing in the third quarter of 2023, has attained 82% expected occupancy as of January 2023.

Other City Area retail rents, which includes the CBD, could also inched up by 1%-2% for the whole of 2023, due to steady levels of office attendance, and may even be unlikely to return to pre-pandemic levels.

“Other City Area retail rental growth remains held back by a limited pipeline of new office supply in the CBD and continued adoption of hybrid work,” said Cushman & Wakefield.

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