Retail rents drop in Q1, vacancies inch up to 8.3%: URA

ALTHOUGH the prices and rents of retail properties both declined in January to March this year while occupancies worsened a tad, analysts generally remained upbeat on the sector’s recovery prospects.

Edmund Tie’s head of research and consulting, Lam Chern Woon, said the sector’s outlook is expected to brighten, with suburban retail rents likely to lead the market recovery with an increase of about 8 per cent this year.

Prime rents in Orchard and other city areas are poised for around 3 to 5 per cent growth, he added.