Prime retail rents rise marginally in Q1 2025

Island-wide retail occupancy rate fell to 93.2%.

Prime retail first-storey rental rates on Orchard/Scotts Road increased by 0.5% to $41.40 per sq ft in Q1 2025, ETC reported.

This was due to strong demand from selective retailers targeting high-visibility, premium malls amid recovering tourist arrivals of 4.3 million.

Fringe/Suburban retail markets saw rental rates rise to $34.35 per sq ft due to robust local demand, limited new retail supply, and malls with high footfall.

Meanwhile, rental rates in Other City Areas remained stable at $19.40 per sq ft, due to steady demand for cost-effective spaces despite competition from suburban hubs and cautious consumer spending.

Island-wide retail occupancy rate fell to 93.2% from 93.8% in Q4 2024 as leasing demand softened amidst shifting F&B consumer preferences.

Orchard/Scotts Road occupancy slipped to 93.2% from 93.7%, while the Other City Area declined to 92.5% from 93.2%. Occupancy in the Fringe/Suburban Area also fell to 93.5% from 94.1%.

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