Retail rents seen falling up to 15% this year as pandemic bites

SHOPPING malls in Singapore have been quite beaten down by Covid-19 this year, but as in all things, some have held up better than others.

Retail rents in prime suburban malls on transport nodes are projected to fall about 5 per cent in 2020 while the rest are expected to decline as much as 15 per cent.

Tenants with staying power now have the upper hand, and the most desirable ones may be able to demand six months of free rent when it is time to renew leases or sign new ones.