Published October 5, 2011
Prime Orchard Rd retail rents up 5% q-o-q : CBREThis marks the first quarterly increase since Q3 2008. Average rents in Orchard Road were $30.11 psf pm in Q2 2011.
'We are witnessing almost full occupancy at Orchard Road malls,' said Letty Lee, CBRE's director for retail services.
'New-to-market brands continue to actively explore taking up Orchard Road space, encouraged by fresh opportunities offered by newly available large prime space - including with the recent exit of Borders at Wheelock Place.'
Rentals should hold steady for the fourth quarter, she added.
DTZ Research last week said that the average gross fixed rent of prime first-storey space in the Orchard/Scotts Road area increased by 0.5 per cent on quarter to $40.20 psf pm in Q3 2011. The two property firms use different baskets of retail space to track rents.
CBRE's report also said that prime suburban rents rose 2.9 per cent quarter on quarter to $29.75 psf pm in Q3 2011, from $28.90 psf pm in Q2.
CBRE estimates that some 657,000 sq ft and 1.57 million sq ft of retail space will be completed in 2012 and 2013, respectively.
PRIME retail rents in Orchard Road rose 5 per cent quarter on quarter to average $31.60 per square foot per month (psf pm) in Q3 2011, according to a new report from CB Richard Ellis (CBRE).
Orchard Rd prime rentals showing growth