Singapore prime retail rents to rise by up to 3.5% per annum till 2026

Supply will remain tight over the next five years.

A healthy occupier demand, a tight supply pipeline, and the rising occupancy rates of retail assets are all bound to contribute to Singapore retail property market’s recovery. 

According to JLL, Singapore’s commitment to reopening the economy, alongside the nation’s pandemic preparedness, will continue to lift retailer confidence. Consumption growth, underpinned by rising wages and a recovery in tourism, should encourage business expansion and support healthy occupier demand in the medium-term.

“The supply pipeline of quality retail space will remain tight over the next five years, at less than 1.0% of existing stock annually. Coupled with rising occupancy rates in many retail malls in good locations, rents of prime floor space in retail assets are set to rise by an above-trend average of 2.5-3.5% per annum over the next five years,” added JLL.