, Singapore
Photo by Jahoo Clouseau: https://www.pexels.com/photo/photography-of-city-during-dusk-867092/

Singapore remains the 12th most expensive retail destination globally

Hong Kong is the most expensive retail destination in Asia Pacific.

Singapore’s Orchard Road is still the 12th most expensive retail destination globally with a 2% year-on-year (YoY) growth in rents to US$431 (S$577.43) per square foot per year, according to Cushman & Wakefield.

The Main Streets Across the World Report looks into headline rents in best-in-class locations in the world that are usually linked to the luxury sector.

New York City, particularly Upper 5th Avenue (49th to 60th Streets) is still the most expensive retail destination in the world, with a rent of US$2,000 (S$2,679.50) per square foot a year.

ALSO READ: Experts cut retail sales growth forecast to 3.0% in 2023

Other Asia Pacific markets that surpassed Singapore in the list were Hong Kong (3rd), Tokyo (6th), Sydney (8th), Seoul (9th) and Shanghai (11th).

Globally, rents increase by 4.8% on average year-on-year. However, the report found that rental levels across the globe are still below per-pandemic levels in 55% of markets.

“Retail has continued its path to recovery despite a new wave of post-pandemic challenges as central banks around the world have increased interest rates to tame the current inflationary cycle. In response, economic growth forecasts have been trimmed and consumers have reigned in discretionary spending,” said Dominic Brown Report author and Head of International Research for Asia Pacific.

US$1 = S$1.34

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