Singapore retail sector on firmer path to recovery.
Report highlights:
- Prime rents in Orchard rose 0.4% to SGD35.10 per sq ft in Q1 2022. Supported by a recovery in consumption, rising wages and tourist arrivals, we expect rents for this segment to grow around 1-2% by the end of 2022. Vacancy rates are also expected to tighten further by end-2022. Average capital values of the Prime Orchard segment edged up 0.1% QOQ, hitting SGD7,600 per sq ft.
- Colliers recommends retailers take the opportunity to lock in prime spaces before rents rebound. They should also expand and curate their physical presence to capitalise on the rebound in footfall and enhance the shopper experience.
- With the lifting of restrictions, landlords can now organise promotional events and atrium activities. In addition, they can also leverage on reward platforms and partnerships to increase consumer engagement and bolster tenants’ sales.
Download the latest Singapore Retail | H1 2022 Report below. For more real estate research insights in Singapore, reach out to our experts Catherine He and Dickson Koh.