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Prime retail rents to extend growth in 2023

Rents grew 0.6% QoQ in Q4. 

Rents for prime retail spaces will continue to increase in 2023, following continuous growth in 2022.

According to JLL, prime retail rents will extend its growth this year, amidst a falling vacancy rate outlook.

“Despite macroeconomic headwinds, Singapore’s safe-haven status and resilient domestic and tourist consumption should encourage strategic business expansion, albeit prudently,” JLL commented.

In Q422, rents grew 0.6% QoQ, marking the fifth consecutive quarter of rent growth for prime floor space across the three sub-markets.

JLL said firm retail sales continued to underpin occupier demand in Q422.

“Over the first two months of 4Q22, the retail sales index (excluding motor vehicles) in chained-volume terms eased on dissipating demand but remained relatively resilient despite inflationary pressure,” JLL reported.
 

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