Rents for 1st-floor retail space dip 1.2% in Q4

Singapore

RENTS for first-storey retail space islandwide fell 1.2 per cent in the fourth quarter of 2015 from a quarter ago to about S$30.50 per sq ft (psf), according to DTZ Southeast Asia.

This marks a third straight quarter of decline, translating to a steeper 5.9 per cent rental fall for the whole of last year following a 0.3 per cent decline in 2014. Much of the decline last year was attributed to weak consumer sentiments in view of uncertain global economic conditions.