Latest data shows retail rents dipping in Q3

Average monthly retail gross rents across Singapore dropped 1.2 per cent in the third quarter as compared to the second quarter, according to research data.
Average monthly retail gross rents across Singapore dropped 1.2 per cent in the third quarter as compared to the second quarter, according to research data. ST PHOTO: MATTHIAS HO

SINGAPORE - Average monthly retail gross rents across Singapore dipped 1.2 per cent to about S$29.30 per sq ft in the third quarter, compared with the second quarter, research by property consultancy Edmund Tie & Company showed.

This was 9.6 per cent lower than its peak in the first three months of last year (2015), when the average monthly gross rent was about S$32.40 psf, it said on Thursday (Oct 6).

"The decline was primarily due to a subdued economic growth forecast, as well as job cuts across various industries that led to weaker consumer sentiments."