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."