Tourism outlook and expansions boost Singapore's retail property market

In Q3 2024, the island-wide retail vacancy rate fell to its lowest level since Q3 2012.

The subdued retail and F&B sales failed to deter occupier demand in the retail property market with continued expansions from diverse trade groups.

According to the JLL Retail Q3 2024 report, food & beverage, health & wellness, and fashion and active-lifestyle & sports-related operations led expansions for the period.

JLL said a positive tourism outlook will spur further retail expansion in Singapore, keep vacancy rates low amidst moderated supply conditions, and support rental growth.

In Q3, the island-wide vacancy rate fell to its lowest rate since Q3 2012. Meanwhile, rent growth and marginal yield compression fueled the QoQ capital value growth of prime floor space across three sub-markets in Q3 2024.

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