A research report by Colliers International shows that the rent for prime retail space on Orchard Road in Singapore ranks 27th globally and 6th in the Asia-Pacific region.
The report indicates that the annual rent for Orchard Road is $330.19 per square foot, ranking 27th highest globally. Although the ranking has risen by one spot compared to last year, the actual rental level has declined by 5.5% from a year ago.
Adeline Chiam, Head of Research at Colliers International, stated: "Although Singapore's ranking has improved this year, and the rental level has risen by 1.9% compared to last year's $324, this is primarily due to the weakening of the US dollar against the Singapore dollar. In fact, when measured in Singapore dollars, the rent for prime locations on Orchard Road actually declined by 5.5% year-on-year in the first quarter of this year."
This annual global survey by Colliers International tracks retail rental trends in 127 cities worldwide from the first quarter of last year to the first quarter of this year.
According to the report, retail rents in most cities globally have declined for the second consecutive year.
The top three most expensive retail locations on the global ranking are, in order: the Champs-Élysées in Paris, France, with an annual rent of $1,255.90 per square foot; Fifth Avenue in New York ($1,250); and Russell Street in Causeway Bay, Hong Kong ($1,205.46).
Ranked 6th in the Asia-Pacific region
As for the Asia-Pacific region, Singapore maintains its 6th place ranking.
The three most expensive retail locations on the Asia-Pacific ranking are Russell Street in Causeway Bay, Hong Kong; Pitt Street Mall in Sydney, with an annual rent of $768.85 per square foot; and Ginza-Chuo Ku in Tokyo, with an annual rent of $545.91 per square foot.
