Chart of the Day: Average prime retail rents for Orchard and Marina Centre narrows big-time

It now stands at 10.2%.

According to Knight Frank, since 4Q 2012, the rental gap between the average prime retail rents in Orchard Road (Central & Fringe) and City Hall / Marina Square / Bugis clusters has been narrowing from 16.8 per cent to 10.2 per cent in 1Q 2014.

Here's more from Knight Frank:

With Heeren being the only addition to the retail belt in Orchard Road over the past year, average monthly rents of prime spaces in Orchard Road have been relatively stable, and stayed at close to $36.00 per sq ft for most established malls in the Fringe and Central parts of Orchard Road.

Retail malls in City Hall / Marina Square / Bugis, on the other hand, have been undergoing AEIs and consequently, renewals and new leases are being signed at higher rental levels.