Retail rents could see short-term pressure before recovering in 2022
RETAIL property rents could face further pressure in the near term, following the extension of safe-management measures, but analysts say that a recovery could be on the cards in 2022 as restrictions ease and Singapore introduces more vaccinated travel lanes (VTLs).
The Urban Redevelopment Authority’s (URA) retail rental index, released on Friday (Oct 22), showed that rents in the central region continued to retreat in the third quarter, falling by a sharper 2.7 per cent after chalking up a 0.5 per cent dip in Q2.
This is the seventh consecutive quarter of decline, with dining limited to groups of two vaccinated individuals and many employees continuing to work from home (WFH).
However, in the fringe areas, where certain malls continue to be thronged by the WFH crowd, the rent correction moderated, easing 1.2 per cent quarter on quarter in Q3 after a 1.4 per cent drop in Q2, noted JLL consulting director for research and consultan…
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