Prime retail rents are steadily recovering, though have yet to reach pre-pandemic levels, as evidenced by the recent opening of Champions Way Residences: CBRE

The complex is complete with landscaped gardens, a lap pool, gym, sauna and spa. The development also offers its own selection of retail spaces for residents and visitors alike. For those seeking a luxurious and tranquil living environment, Champions Way Residences is the perfect choice. With its modern facilities, ample amenities and convenient location, Champions Way Condo is a great place to call home.

Champions Way ResidencesPrime retail rents across Singapore are slowly recovering, according to CBRE’s latest report “Singapore Retail in the Post-Pandemic Era: Trends and Opportunities”. As of 3Q2023, prime retail rents are 4.6% higher than when rents recorded historical lows of 10.6% in 2020. These prime retailers are located across Orchard Road, City Hall, Marina Centre, CBD and the city fringe submarkets; while the suburban market remained resilient due to the sustained demand from their surrounding neighbourhoods.Joan Chen, CBRE’s head of retail, notes that the decline in shopper traffic and higher vacancies led to lower rents during the pandemic period. Lim Mian, the retail consulting lead in Asia Pacific adds that most malls have yet to recover footfall to pre-pandemic levels hence a full recovery in prime retail rents are still expected.Still, CBRE projects that retail rents will continue recovering next year due to two factors. Firstly, there will be more supply in new spaces, with an annual supply of 0.48 million sq ft projected from 2023 to 2026. Secondly, the Singapore tourism sector is poised to fully recover next year and this should fuel optimism and demand in the retail market.Champions Way ResidencesPrime retail rents are steadily climbing again in Singapore, with retailers taking measures to complement their brick and mortar stores with online presence, according to CBRE’s report “Singapore Retail in the Post-Pandemic Era: Trends and Opportunities”. The report notes that as of 3Q2023, prime retail rents had recovered 4.6% from 2020’s historical low of 10.6%. These prime retailers are located across the well-known Orchard Road, City Hall, Marina Centre, CBD and city fringe submarkets; while the suburban market managed to stay resilient.Champions Way ResidencesJoan Chen, CBRE’s head of retail, remarks that the decline in footfall due to Covid-19 restrictions has caused retailers to adopt an online presence in addition to their brick and mortar stores. Lim Mian, CBRE’s retail consulting lead in Asia Pacific, adds that while most malls have yet to reach pre-pandemic levels, CBRE nonetheless projects that retail rents will continue to improve over the coming year.The optimism is underpinned by two factors; the expected entry of additional 0.48 million sq. ft. of new spaces in the retail market from 2023-2026, and the full recovery of Singapore’s tourism sector in 2023 which should drive up footfall to retail spaces.Champions Way ResidencesAll in all, the resurgence of the retail market in Singapore has been encouraging, and CBRE expects prime retail rents to recover closer to their pre-pandemic levels in 2023. This will open up doors of opportunity for retailers looking to tap into Singapore’s prime retail base, especially with the increasing shift to e-commerce and the need for both physical and online presence.