Can you provide information on the demand for large retail spaces in Singapore in Q4 2022?

In Q4 2022, the demand for large retail spaces in Singapore showed several positive trends:

- The island-wide retail vacancy rate decreased to 7.1%, the lowest since pre-Covid levels, indicating a strong absorption of retail space. This was the third consecutive quarter of vacancy rate decline.

- There was a significant increase in net absorption of retail space, with 61,000 square meters (about 660,000 square feet) absorbed in Q4 2022, the highest quarterly net absorption since Q2 2019. This brought the full-year net absorption to 85,000 square meters (about 910,000 square feet), higher than the previous year.

- All submarkets, including the Outside Central Region (OCR), recorded positive net absorption. The OCR, which represents suburban retail, saw particularly strong demand with a net absorption of 29,000 square meters (about 310,000 square feet) in Q4 2022, leading to a vacancy rate of 3.8%, the lowest since Q4 2013.

- Prime retail rents in key areas such as Orchard, Marina Centre, City Hall, and Bugis also saw increases, with Orchard recording the highest year-on-year growth of 3.1% to reach $29.10 per square foot per month. This was driven by the return of international visitors and workers to the office.

These indicators suggest that the demand for large retail spaces, particularly in prime and suburban areas, was robust in Q4 2022.