Prime retail rents in suburban areas soar by 0.9% QoQ in Q1 2022
Retail rents in Orchard also went up 0.7% QoQ.
Prime retail rents in suburban areas at the Lion City increased by 0.9% in the first quarter of 2022 on a quarterly basis, compared to 0.5% in the fourth quarter of 2021, global real estate services, Cushman & Wakefield, said.
In the Cushman & Wakefield retail report for the first quarter of 2022, retail rents in Orchard also soared by 0.7% quarter-on-quarter.
Also, prime retail rents in other city areas in Singapore inched up 0.6%, on a quarterly basis, in the first quarter of 2022.
Singapore is still an attractive expansion destination for new-to-market brands, said Cushman & Wakefield.
By 2022, Cushman & Wakefield sees prime retail rents in Orchard, Suburban and other city areas to rise by about 2% to 3% year-on-year, with the Suburban market to lead the growth due to prevalence of hybrid work and shifts in consumer shopping behaviour.
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