Chart of the Day: Retail rents remained flat in Q3

Notable closures at Centrepoint include Metro’s flagship store, and TianPo Jewellery.

This chart from Edmund Tie & Co. reveals that average monthly gross retail rents in Q3 remained largely flat in Q3, not exceeding a 0.5% QoQ.

Retail property rents in Orchard/Scotts Road (OSR) inched up 0.5% QoQ during the period. First storey rents rose to $34.17-$39.2 from $34-$39 in the previous quarter, whilst upper storey rents grew to $13.95-$18 from the $13.9-$17.9 range recorded in Q2.

There were a few notable closures at Centrepoint including Metro’s flagship store, Times Bookstores and TianPo Jewellery. Decathlon will replace Metro as the anchor tenant and is expected to open in H1 2020, Edmund Tie noted.

Upper storey rents in Other City Areas (OCA) also edged up 0.5% QoQ to $8.05-$12.05 from $8-12 in Q2.

Rents in first storey OCA, and both first and upper storey Suburban area (SA) prime malls remained unchanged during the quarter.