Islandwide prime retail rents to further recover in 2023

In Q422, rents rose 1.6% YoY to $25.15

China’s re-opening of borders and improved mobility will help islandwide prime retail rents to further recover in 2023, CBRE reported.

In Q422, islandwide rents hit $25.15, translating to a 1.6% YoY and 0.8% QoQ increase.

CBRE said Orchard Road and Suburban markets will also see rental increases.

The expert, however, warned retailers might continue to face challenges such as manpower shortage, higher operating costs, ongoing competition from e-commerce, an economic slowdown and a GST hike during the year.

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