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Singapore's prime retail rents ranked 17th most expensive globally

Updated:2010-05-26 14:31:56

Singapore has moved up one spot to become the 17th most expensive retail location in the world, local media reported on Tuesday.

According to the latest Global MarketView report by real estate service agency CB Richard Ellis (CBRE), prime retail rents in Singapore stood at 436 U.S. dollars per square foot (psf) per annum in the first quarter of this year, local TV broadcaster Channel News Asia reported.

The report said as the global economic recovery begins to gather momentum, consumer and retailer confidence have started to improve. While this has still not translated into retail sales growth in most markets, demand for prime retail space remains healthy and vacancy in the best locations is low, it added.

As a result, there are a number of major cities where prime rents are rising, and many more where the rate of decline has slowed or rents are now stable.

New York, Sydney, Hong Kong were ranked the world's top three most expensive retail destination by the report.

 

 

Source:http://news.xinhuanet.com

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