Rents for prime retail space in Orchard Road dipped 0.9% to $36.42psf

Even rents for those in Regional Centres dropped.

According to Colliers International, the average monthly gross rent of prime retail space in the Regional Centres gained by a slight 0.1% from the preceding quarter’s level of $33.38 per sq ft to $33.42 per sq ft by the end of June 2013. 

At the same time, the monthly gross rents for prime retail space in Orchard Road corrected by 0.9% from the previous quarter’s $36.75 per sq ft to $36.42 per sq ft in 2Q 2013.

"Consequently, the rental premium that prime retail space in Orchard Road commands over similar space in the Regional Centres narrowed further from 10.1% as of the end of March 2013, to 9.0% as of 2Q 2013," Colliers International said.