Singapore retail rents have held firm in the first quarter of this year.
According to estimates by DTZ Research, rental values of retail space in the prime retail belt of Orchard and Scotts Road, other city areas and even suburban areas remained unchanged.
DTZ said gross retail rents at the Orchard and Scotts Road area stayed firm as the market absorbed the new supply that came onstream in 2009 and in the first quarter of this year.
Gross rents of prime first-storey and upper-storey retail space in Orchard Road remained at about S$40 per square foot per month.
Along Scotts Road, the gross rents averaged about S$20 per square foot per month.
DTZ said after five consecutive quarters of decline, gross rents in other city areas also remained at about S$25 per square foot per month for prime first storey space, and S$14 per month for upper storey retail space.
As for suburban areas, prime first storey retail space held firm at about S$33 per square foot per month while upper-storey space came in at about S$23 per month.
According to DTZ Research, the bulk of the pipeline supply will come on stream this year.
However, the estimated 2.3 million square feet of new retail space is 15 per cent lower than the 2.7 million square feet of new supply in 2009.
Source : Channel NewsAsia – 22 Mar 2010
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