According to the Retail Briefing 2022 Q3 published by Savills Research, a global real estate services firm, the overall occupancy rate of retail space improved, especially in the central region, resulting in a slowdown in our retail store vacancy rate to 7.8% in the third quarter of this year.

In addition, rents for prime retail space in Orchard Road and the suburbs rose 1 percent and 0.7 percent quarter-over-quarter, respectively, with monthly rents rising to $21.30 and $23.20 per square foot, respectively.

The report also notes that rents for retail space in prime central business district locations will stabilize as more employees return to work in their offices.

The report also predicts that throughout this year, rents for retail space in prime Orchard Road will increase by 3% year-over-year, and rents in prime locations outside of downtown will increase by 2% year-over-year.

By next year, rents are expected to increase between 1% and 2% for prime retail space on Orchard Road and between 2% and %3 for locations outside of downtown.