Singapore retail rent decline ‘moderated’
Fresh research from real estate house Edmund Tie & Company suggests the decline in Singapore retail rents has moderated.
Dr Lee Nai Jia, head of research with Edmund Tie, says the retail leasing market remained subdued in the third quarter, despite the decline easing.
“While e-commerce and the accessibility to shopping havens in neighbouring countries continue to affect retailers and the overall retail market, the impact seems contained for now,” he said in a research note.
“In fact, we see more online shopping portals adopting the brick and mortar strategy, such as Reebonz.
“Separately, local retailers are engaging consumers via omni-channels.”
In the short term, Jia predicts food and beverage operators and educational institutions will most likely form the bulk of demand for retail space.