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Has the retail market improved from 2022 to 2023?
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The retail market in Singapore has shown significant improvement from 2022 to 2023. Here are some key points:
- The retail property market is experiencing a continuous recovery, driven by healthy occupier demand, a moderated supply pipeline, and rising occupancy rates of retail assets.
- Rent prices for prime retail locations have seen growth, with predictions of a 3% to 5% increase in 2023. This is supported by the rise in tourist arrivals and the expansion of international and local brands in physical stores and online platforms.
- Prime Orchard retail rents are expected to increase by 1% to 2% year-on-year, while prime suburban rents are anticipated to rise by 2% to 3% year-on-year.
- The market has also seen transformations with the reshuffling of tenants, where well-performing retailers and new entrants are filling vacated spaces, indicating a robust demand for retail spaces.
- Rent prices for prime retail locations have seen growth, with predictions of a 3% to 5% increase in 2023. This is supported by the rise in tourist arrivals and the expansion of international and local brands in physical stores and online platforms.
- Prime Orchard retail rents are expected to increase by 1% to 2% year-on-year, while prime suburban rents are anticipated to rise by 2% to 3% year-on-year.
- The market has also seen transformations with the reshuffling of tenants, where well-performing retailers and new entrants are filling vacated spaces, indicating a robust demand for retail spaces.
Overall, these indicators suggest a positive outlook for the retail market in Singapore from 2022 to 2023.
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