
Prime retail rents in suburban areas soar by 0.9% QoQ in Q1 2022
Retail rents in Orchard also went up 0.7% QoQ.
Prime retail rents in suburban areas at the Lion City increased by 0.9% in the first quarter of 2022 on a quarterly basis, compared to 0.5% in the fourth quarter of 2021, global real estate services, Cushman & Wakefield, said.
In the Cushman & Wakefield retail report for the first quarter of 2022, retail rents in Orchard also soared by 0.7% quarter-on-quarter.
Also, prime retail rents in other city areas in Singapore inched up 0.6%, on a quarterly basis, in the first quarter of 2022.
Singapore is still an attractive expansion destination for new-to-market brands, said Cushman & Wakefield.
By 2022, Cushman & Wakefield sees prime retail rents in Orchard, Suburban and other city areas to rise by about 2% to 3% year-on-year, with the Suburban market to lead the growth due to prevalence of hybrid work and shifts in consumer shopping behaviour.
Commentary
The role of digitalisation in futureproofing Singapore’s food supply chain
How the PSG government grant has helped Singapore’s small business owners
ONE Pass: A potential solution to Singapore’s leadership talent challenges
Maritime: An industry where opportunities abound