Given sustained economic growth, increasing consumer footfall, the return of tourism spending and lifting of safe management measures, analysts say the outlook for retail rents appears favourable - though they are only likely to return to pre-pandemic levels next year. 

The relaxation of Covid-19 measures gives existing retailers, as well as new-to-market entrants, greater confidence in their expansion plans, which in time would lend support to leasing demand, said Catherine He, head of research for Colliers in Singapore.

Added Angelia Phua, JLL Singapore’s director of research and consultancy: “Retail rents of prime floor space are expected to grow 1.5 to 3.5 per cent year on year in 2022.”