Prime retail rents rise by 3.0% YoY in Q4 2024

Rents in Marina Centre, City Hall, and Bugis recorded the highest YoY increase.

The islandwide average gross rents of prime retail spaces rose 3.0% year-on-year (YoY) in Q4 2024, Knight Frank reported.

Rents in Marina Centre, City Hall, and Bugis recorded the highest YoY increase at 4.7%, followed by the City Fringe at 3.4%.

Meanwhile, rents in Orchard rose 2.6% YoY ($31.10 psf pm), whilst rents in Suburban posted the lowest growth at 2.1% ($26.70 psf pm).

According to Knight Frank, there will be an upcoming supply of 4.4 million sq ft gross floor area (gfa) from Q4 2024 to 2028.

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