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SINGAPORE: Prime retail rents began to stabilise in many markets across the world in the third quarter of this year as economic and retail indicators started to show signs of greater stability. Retailer confidence had also gained positive momentum.
According to property consultancy CB Richard Ellis' latest Global MarketView on the retail sector, retail rents globally fell by an average of one per cent in the third quarter.
New York continues to be the most expensive retail location in the world, despite a 25 per cent rental decline over the past 12 months. Prime New York retail rents ended the quarter at US$1,640 per square foot per annum.
Hong Kong was second at US$976 per square foot and Paris was third at US$857 per square foot. Singapore moved up one spot in the rankings to 18th place at US$448 per square foot.
CBRE said on Monday that the retail sector in the Asia-Pacific region is recovering faster and better than expected as government programmes and strong economic growth in many markets have helped to restore consumer confidence.
However, the threat of supply-side risk remains significant in certain cities in mainland China, India and Singapore, where a large number of shopping malls is expected to be delivered in the coming years.
- CNA/so
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