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Singapore retail rents in central region down 2.3% in Q1: URA

Decline follows 2 quarters of increase; overall occupied retail space fell by 43,000 sq m of net lettable area in Q1

Kalpana Rashiwala

Published Fri, Apr 24, 2020 · 09:50 PM

Singapore retail

Singapore

AMID the Covid-19 outbreak, rentals of retail space in Singapore's central region eased 2.3 per cent in the first quarter of 2020 over the previous three months.

This came after two straight quarters of 2.3 per cent increase each, in Q4 2019 and Q3 2019, latest data from the Urban Redevelopment Authority (URA) shows. Islandwide, the amount of occupied retail space fell by 43,000 sq m of net lettable area (NLA) in Q1 2020, against an increase of 26,000 sq m in the previous quarter.

"This is the largest fall in net demand in six years since Q1 2014, as consumer confidence took a plunge when severe headwinds from Covid-19 and recession materialised," noted Cushman & Wakefield's head of research for Singapore and Southeast Asia, Christ…