Chart of the Day: Monthly retail rents of first-storey spaces up 0.5% in Q1
Properties in Orchard/Scotts Road has the most expensive rates at $36 to $39 psf.
This chart from Edmund Tie & Co. (ET&Co) shows that the average monthly gross retail rents of first-storey spaces in Orchard/Scotts Road (OSR), suburban areas (SA) and other city areas (OCA) rose 0.5% in Q1.
Rents in OSR can range $36 to $39 psf, whilst rents in OCA can cost $16 to $21. Rents in SA, particularly prime malls, are at $25.20 to $31.20.
On the other hand, upper-storey spaces saw a decline in rents. Both properties in OSR and OCA slipped 0.5%, whilst those in SA remained flat.
ET&Co noted that whilst the average gross rental rates in the OSR remained largely stable, rents in the OCA and SA were mixed. Well-located malls with the right tenant mix have performed relatively well compared to some strata malls, as well as older and less accessible malls, which are likely to continue struggling with falling foot traffic and sales.