Average monthly Orchard Rd gross retail rent may slip by up to 5% in 2015: Colliers

Singapore

THE average monthly gross rent for retail space in Orchard Road might correct by up to -5 per cent in 2015, according to a report by Colliers International.

This follows a lacklustre Q2, during which monthly rent for retail space in the prime location eased from S$35.83 per sq ft in Q1 to S$35.25 at the end of June - a quarter-on-quarter drop of 1.6 per cent.

Colliers attributed this change primarily to labour and occupational cost pressures, as well as competition from new malls in …