A new horizon for Singapore retail property market | Retail H1 2021

Retail rents declined 2.4% in H1 2021 overall despite net absorption turning positive from -280,000sq ft as landlords prioritised occupancy over rents.

Based on Colliers' Research, we can expect average retail rents to decline 1.8% in 2021 as higher vaccination rates could allow for a potential easing of restrictions towards the end of the year. Overall, we can also expect a positive net absorption in 2021 as the economy recovers while supply remains muted.

Colliers' Research's data shows that ground-floor rents on Orchard Road declined 2.7% HOH in H1 2021 to SGD36.24 per sq foot, while that of Regional Centres only declined 2.0% HOH to SGD31.05 per sq foot, impacted by the Phase 2 (Heightened Alert) tighter restrictions of prohibited dine-in, and lower mall occupancy limits and permissible group size.

Download Colliers' bi-annual report on the retail sector in Singapore, as we examine the market performance of the retail property sector in the first half of 2021 (H1 2021) and its projections for the industry.

Retail: A New Horizon | Retail H1 2021

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Jonathan Denis-Jacob

Director & Head

Advisory & Consulting

Singapore

+65 6531 8681

+65 9829 6820

Jonathan is Director and Head of Advisory services at Colliers International in Singapore. He is a registered professional planner, urban economist and real estate professional with over 13 years of industry experience in North America and Asia. He has joined Colliers International in May 2018.

Jonathan is in the business of providing bespoke strategic advisory through solid economic, financial, and market analysis to help clients achieve remarkable real estate, urban and infrastructure projects. As an international urban development and real estate expert, he supports government agencies, public institutions and investors on real estate strategies, urban planning and infrastructure projects and economic development strategies across Asia and beyond.

Jonathan regularly supports clients with their regional and international real estate investment strategies, working with Colliers International colleagues around the world as part of Asia outbound capital deployment strategies.

Originally from Montreal, Canada, Jonathan is a Canadian citizen and permanent resident of Singapore. He is professionally fluent in English, French and Spanish.

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June Chua

Executive Director & Head of Tenant Representation

Tenant Representation

Singapore

+65 6531 8653

+65 9668 2033

June heads up the Office Services team in Singapore, and is responsible for ensuring the team's delivery of quality real estate advice and the execution of leasing transactions across the office and industrial markets.

June has 30 years of office and industrial leasing experience in Singapore, and has provided strategic advice to numerous MNCs on their real estate requirements to meet the mid to long term business needs. She is equally well-versed in project marketing assignments, and has assisted various landlord clients to position their property to secure the optimal tenant mix for their properties.

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