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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