Retail occupancy rate inches up to 93.5% QoQ

Occupancy along Orchard/Scotts Road edged up to 93%.

The retail occupancy rate rose to 93.5% quarter-on-quarter (QoQ), up from 93.4%, particularly in central area retail spaces, according to an Edmund Tie report.

Occupancy along Orchard/Scotts Road went edged up to 93% from 92.9% in the second quarter, whilst the other city area climbed to 92.2% from 91.8%.

In contrast, fringe and suburban areas dipped 0.1 percentage points QoQ, indicating consistent demand in the suburban sector.

Prime first-storey rental rates on Orchard/Scotts Road rose 0.3% to $41.10 per sq ft, reflecting robust demand despite challenges in Fringe/Suburban markets where rental rates increased to $34.10 per sq ft. Other city areas held steady at $19.35 per sq ft.

The reopening of Tampines 1 in the Outside Central Region significantly impacted retail space dynamics in the third quarter, potentially shaping competitive market trends and consumer expectations.

Looking forward, Edmund Tie anticipates steady growth in prime retail rents, driven by limited new retail supply, resilient domestic demand, and a rebound in international visitor arrivals.

The rise in tourist arrivals to 4.4 million reflects Singapore’s recovery in the tourism sector, it added. Factors driving this growth include increased global travel confidence, major events, and enhanced airline connectivity.

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