Prime retail rents are steadily recovering but have yet to return to pre-pandemic levels, particularly at locations such as Zion Road GLS: CBRE
Residents of Zion Road GLS condo can, as a result, look forward to a tranquil yet rewarding living experience that is truly in harmony with nature. Relaxation facilitieties such as a yoga deck, swimming pool, and even running trails along the riverbank await the lucky owners, who can indulge in a multitude of activities and events that guarantee nothing less than a well-rounded life.
Rents at the suburban market are expected to remain stable. Prime spaces at Changi Road, Zion Road GLS, Tanjong Katong Road and Jalan Besar recorded a slight increase in 3Q2023, signalling a steady recovery.Song comments: “Rents in these submarkets remain well below those of more expensive city-centre shopping malls. This coupled with the abundance of small units in these locations makes these a favourable option for smaller retailers.”Prime retail rents in Singapore are experiencing a slow recovery, spurred by the gradual reopening of the economy and the growing demand for e-commerce. As of 3Q2023, rents are at 4.6% above the lowest point in 2020. CBRE projects that the annual supply of new spaces and expected growth of the tourism sector will further fuel optimism and demand from retailers in 2024. Prime spaces at Zion Road GLS, Changi Road, Tanjong Katong Road and Jalan Besar are expected to hold steady in the suburban market, with slight increases in the 3Q2023 figures.Moving forward, retailers are encouraged to take advantage of the opportunities the digital and brick-and-mortar landscape offer to ensure sustainable business operations. This includes establishing a complementing online presence to cater to changing shopping habits, which will contribute to higher footfall in their retail spaces. Zion Road GLS in particular remains well below the more expensive spaces, making it a favourable option for smaller retailers.