First-quarter retail rents for prime spots edge up 0.8%

RETAIL rents of prime spaces islandwide inched up 0.8 per cent in the first quarter from the previous period, led mainly by higher rents for such spaces in Marina, City Hall and Bugis.

While overall retail rents could see a gradual 3-5 per cent fall by the end of this year with new supply coming onstream, retail rents for prime spaces are likely to hold firm - and, in fact, grow by 3 to 5 per cent - by the end of this year, according to a Knight Frank report.

"Retailers would be more selective in their relocation and expansion plans with more ample options of available retail spaces," said Alice Tan, Knight Frank's head of consultancy and research.