Retail Rental

Rental rates in Orchard, Scotts Rd expected to fall

Rental rates for shops in the prime Orchard/Scotts Road belt dropped in the first quarter from a year earlier, and will continue to slide in 2012, according to industry researcher, DTZ. It said an expected moderation in tourist arrivals, tighter labour supply and more properties coming on-stream will all act to soften the retail rental market. It forecasts rents will fall by two per cent to four per cent...

Orchard Rd rents expected to remain stable in Q4: CBRE

Real estate consultancy firm CBRE expects prime Orchard Road rents to remain stable in the fourth quarter of 2011. It added that a limited supply of retail premises along the shopping belt should continue to keep rents firm next year. Currently, rents for prime retail space in Orchard Road remained unchanged at S$31.60 psf/mth, up by 4.6 per cent compared to the fourth quarter of 2010. Letty Lee,...

Singapore’s retail sector heats up

If shopping malls seem to be a little more crowded these days, this is probably because retail space is not keeping up with the growth in population here. According to a Savills Research report, retail space per capita is estimated to have dropped to 7 sq ft from 8 sq ft over the past decade - and this is not taking into consideration the spike in visitor arrivals and a surge in supply. While retail...

Orchard Road prime rents on the rebound

Prime rents in Orchard Road have rebounded for the first time in nearly three years. That is according to a study by real estate consultancy CB Richard Ellis. Rents rose 5 per cent from the second quarter of 2011, to average S$31.60 per square foot per month. Rents were S$30.11 per square foot per month in the last quarter. The upturn follows a series of dips since 2008, when rents peaked at more than...

S’pore retail leasing market active

Singapore's retail leasing market remained active in the first half of this year, underpinned by stable economic growth, a low-unemployment rate and healthy consumer spending. According to property consultants, CB Richard Ellis, the monthly average rent for Prime Orchard Road space remained at $30.10 per square foot per month in the second quarter, unchanged from the previous quarter. On the whole, Prime...

Orchard Road rents move up a spot in global ranking

Orchard Road has moved up one place in the global ranking of rents because of the strong Singapore dollar. It moved up a notch to 26th place in the Global Retail Survey 2011 carried out by Colliers International. However, Orchard Road moved down a spot to seventh place in the Asia Pacific region in 2011 with the inclusion of Hong Kong's Queen's Road in the latest survey on rents in the world's premier...

‘Mixed signals’ in retail leasing market: CBRE

The retail leasing market gave mixed signals in Q1 2011, said property consultants CB Richard Ellis (CBRE). It said monthly rents for prime Orchard Road averaged S$30.10 psf per month in the first quarter, reflecting a decrease of 0.5 per cent from a quarter ago. Prime suburban rents remained at S$29.10 psf per month, unchanged from the previous quarter. A few major leasing deals were concluded in the...

Rents along Orchard and Scotts Road on the rise

Rents along Orchard and Scotts Road edged higher in the fourth quarter after staying flat for four straight quarters. According to real estate consultancy DTZ, the average gross rent of first-storey space in the Orchard/Scotts Road area increased by a marginal 0.3 per cent or 10 cents on-quarter to S$39.80 per square feet per month. DTZ said there will be very little new supply coming on-stream in 2011...

Retail rentals to stay stable, marginal upside in next 12 months

Rentals for primary, secondary and suburban shopping areas in Singapore are expected to remain stable with some marginal upside over the next 12 months, according to the latest report from Jones Lang LaSalle. It said vacancies of retail space are likely to stabilise as the market finds its equilibrium one year on, from the large addition of supply along Orchard Road. The property consultant noted that...

Prime rental rates remain unchanged in Q3

Property consultant DTZ said the average prime rental rates along Orchard Road and Scotts Road remained unchanged in the third quarter. For the third straight quarter, gross rents of prime first-storey space in the Orchard Road and Scotts Road area stayed at S$39.70 per square foot per month. Rents in other city areas fared worse as they continued to decline. Prime first-storey rents in other city areas...

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