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SINGAPORE: Singapore has moved a notch higher to 18th spot as the most expensive retail location in the world, despite easing rental rates for super prime retail space.
Property consultancy firm CB Richard Ellis (CBRE) said prime retail rents have declined across the globe, with the global financial crisis reducing consumer confidence and weakening spending.
Yet super prime rents in Singapore stood at US$408 per square feet annually at the end of the first quarter of this year.
CBRE director of retail services, Letty Lee, said that "going forward, we expect the rate of rental decline for prime space along Orchard Road to ease".
In the Asia-Pacific region, super prime rental rates have also declined in cities like Beijing, Tokyo and New Delhi on the back of increased unemployment rates and lower consumer spending in the first quarter of this year.
Hong Kong is also the most expensive retail destination in the region, with annual rents totalling up to US$975 per square feet.
New York retained its top spot, with the highest annual prime retail rent of US$1,800 per square feet, despite posting a 10 per cent year-on-year rental decline.
Following New York and Hong Kong are Moscow, Paris and Tokyo, making up the top five retail locations with the highest prime retail rents.
Similarly in Europe, Middle East and Africa (EMEA) region, prime retail rents have fallen by 10 per cent or more, quarter-on-quarter, in several markets like Dubai, Barcelona, Athens and Dublin.
However, bright spots have been seen in some markets, with many discount chains and food retailers announcing major expansion plans.
- CNA/so
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