Decline in retail rents accelerates in Q3

Singapore

AS ECONOMIC headwinds prevail, rentals of retail space in Singapore's central region fell 4.5 per cent quarter-on-quarter to a new low in Q3, taking the decline to 10 per cent for the first nine months of the year.

In the second quarter, rents had pulled back by 3.5 per cent.

CBRE Research believes the decline in Q3 was led by secondary spaces and corridors, noting that the retail market remains two-tier. Desmond Sim, head of research for CBRE (South-east A…

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