Prime Retail Rents Weather Tenant Exits Rising 03 Q O Q Cushman Wakefield
In 3Q2025, prime retail rents in Orchard and other city areas saw a 0.3% increase quarter-on-quarter, as reported by Cushman & Wakefield in their Retail MarketBeat 3Q2025 report. This growth was driven by a continued demand from international retailers seeking high-traffic locations, frequented by both locals and tourists. Notable new additions in the area include Australian frozen yoghurt brand Yo-Chi’s debut at Orchard Central, Chinese beauty brand Joocyee at Wisma Atria, Danish lifestyle store Flying Tiger Copenhagen, and American athletic apparel Alo at The Shoppes at Marina Bay Sands.
In suburban prime malls, there was also a 0.3% q-o-q rental growth, bolstered by sustained non-discretionary spending and low vacancy rates, which stood at 6.6% in 2Q2025. Despite this positive trend, the report highlights some closures among certain F&B and cinema operators due to challenging operating environments, driven by rising costs and online competition. Nevertheless, other activity-based retailers like Munchi Pancakes, Chagee, CocoArt, and Wan To Play are expanding.
The report also notes that Singapore’s retail sales recorded a modest growth of 0.5% year-to-date as of July. This was driven by various sectors, including computer and telecommunications equipment, which saw a 14% increase year-to-date. Moving forward, the retail sector is expected to sustain moderate growth for the rest of the year, supported by government voucher schemes, high-profile events like the Formula 1 race, and the year-end festive season, despite cautious consumer sentiment.
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Looking ahead, the limited number of sizable projects in Singapore is expected to maintain the resilience of retail rental rates. According to the report, the new retail supply across the island is projected to average 300,000 sq ft annually from 2026 to 2029, which is more than half of the 10-year historical average. In the near future, there will only be moderate additions, with larger projects of over 100,000 sq ft, such as Bukit V Mall (174,000 sq ft) and the Tanglin Shopping Centre redevelopment (118,000 sq ft), expected in 2028.