, Singapore
Photo by Ervan Sugiana on Unsplash

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.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!