Rent in Singapore grows for the 5th quarter in a row in Q422, to continue this year
Singapore. In 2023, rent for prime retail spaces will continue growing, following its increase in 2022. According to real estate agency JLL, this growth extension will happen amidst a falling vacancy rate.
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“Despite macroeconomic headwinds, Singapore’s safe-haven status and resilient domestic and tourist consumption should encourage strategic business expansion, albeit prudently,” shared JLL.
In the 4th quarter of 2022, rent increased 0.6% QoQ. This is the fifth consecutive quarter of rent growth across three-submarkets.
“Over the first two months of 4Q22, the retail sales index (excluding motor vehicles) in chained-volume terms eased on dissipating demand but remained relatively resilient despite inflationary pressure,” JLL stated.
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