# Retail rents rise 0.7% in 3Q2026 despite second straight quarter of negative demand - **Source:** EdgeProp Singapore - **Published:** 2026-10-23T11:08:14.000Z - **Author:** EdgeProp Singapore - **Original:** https://www.edgeprop.sg/property-news/retail-rents-rise-07-3q2026-despite-second-straight-quarter-negative-demand - **Topics:** Commercial & Industrial, Government & Policy, Regional Markets ## Featured rationale The divergence signals demand concentrated in prime, well-managed malls rather than broad recovery, potentially supporting modest rental growth while encouraging weaker properties to rationalise or convert space. ## AI summary The Central Region retail rental index rose 0.7% q-o-q to 81.2 in 3Q2026 despite occupied retail space contracting for a second consecutive quarter. ## Original article The Urban Redevelopment Authority's (URA) retail rental index for the Central Region rose 0.7% q-o-q to 81.2 in 3Q2026, up from 0.6% in the preceding quarter, despite continued store closures and cautious retailer expansion. The rental growth came even as occupied retail space contracted for the second consecutive quarter. Rental growth was likely driven by Tier 1 shopping malls, which continue to attract strong retailer interest, rather than a broad-based improvement across the retail market, says Wong Xian Yang, Cushman & Wakefield's (C&W) head of research for Singapore and Southeast Asia. JLL similarly notes that well-located malls with carefully curated tenant mixes and proactive asset management generally outperformed during the quarter, benefiting from stronger occupier demand. Read also: Causeway Point AEI to introduce new social and reading hub with pre-loved books, Sing Lit Despite challenging operating conditions, Singapore continues to attract new international retailers, particularly along Orchard Road, says Wong. He points to recent openings by Korean footwear brand Rockfish Weatherwear at ION Orchard and London streetwear label Palace Skateboards at Scotts Square. Thai fashion label Gentlewoman also opened its first Singapore store at 313@Somerset in October. Another upcoming entrant is Japanese doughnut chain I'm donut?, which is scheduled to open at ION Orchard in December. CBRE also highlights expansion demand from F&B and fashion brands such as Chick-fil-A, Loulouca, Pop Bakery, In Good Company and Polène. Despite widely reported retail and F&B closures, net business formation in the two sectors remained positive, at 992 entities as at August 2026, C&W's Wong notes. At the same time, the retail landscape is transforming, with some established operators exiting or reducing their footprint and landlords exploring alternative uses for existing retail space. Read also: Leasing kicks off at One Comcentre office and retail hub, with 1ha elevated park in heart of Orchard Tricia Song, CBRE's head of research for Singapore and Southeast Asia, points to tenant exits and space rationalisation by operators such as True Fitness, Crystal Jade and Japan Home. Against this backdrop, landlords are increasingly exploring alternative uses for retail space. Song highlights the repositioning of the former Taste Orchard at Orchard Point into JustCo Place. Meanwhile, Far East Organization announced in July that it was converting retail space on the upper floors of Orchard Central into offices, with renovation works scheduled to begin on Dec 1. Song considers these developments the most significant retail-to-office shifts since The Centrepoint leased space to JustCo in 2020. Across the island, occupied private retail space contracted by 21,000 sq m (226,044 sq ft) in 3Q2026, after a 29,000 sq m (312,156 sq ft) decline the previous quarter, according to CBRE. Islandwide private retail vacancy remained unchanged at 7%, as the withdrawal of 22,000 sq m (236,808 sq ft) of existing retail stock, mainly due to the closure of HarbourFront Centre for redevelopment, largely offset the decline in occupied space, says CBRE. Read also: Tourism board invites proposals to redevelop Emerald Hill site into hotel, lifestyle destination According to CBRE, the Outside Central Region (OCR) was the only submarket in its breakdown to record positive net absorption in 3Q2026, with occupied space increasing by 6,000 sq m (64,584 sq ft), after declining by 12,000 sq m (129,168 sq ft) in the preceding quarter. Consequently, vacancy in the OCR fell to 4.7% from 5.2% in 2Q2026, reflecting continued retailer interest in suburban locations with resilient residential catchments. Looking ahead, retail supply is expected to remain relatively limited. URA data shows that about 35,000 sq m (376,740 sq ft) of gross retail space is scheduled for completion in 2027, rising to 103,000 sq m (1.11 million sq ft) in 2028. C&W's Wong estimates that only 4% of upcoming retail supply between 2027 and 2031 will be located along Orchard Road, suggesting that supply pressures in Singapore's prime shopping belt will remain limited. Nevertheless, retailers continue to face challenges from rising operating costs, manpower shortages and intense e-commerce competition. JLL expects rental growth to remain modest as retailers adopt a cautious approach to expansion. CBRE's Song forecasts prime retail rents to rise 1% to 2% for all of 2026. ## Chinese translation > Translation model: grok_cli ### 2026年第三季零售租金上升0.7%，尽管需求连续第二个季度为负 2026年第三季零售租金上升0.7%，尽管已占用空间收缩，新品牌陆续进驻，乌节路也在演变。 市区重建局（URA）中区零售租金指数在2026年第三季环比上升0.7%至81.2，升幅高于前一季度的0.6%，尽管店铺持续关闭，零售商扩张仍保持谨慎。 即便已占用零售空间连续第二个季度收缩，租金依然增长。 戴德梁行（Cushman & Wakefield，C&W）新加坡及东南亚研究主管Wong Xian Yang表示，租金增长很可能由持续吸引零售商强烈兴趣的一线购物中心所推动，而非零售市场的全面改善。 仲量联行（JLL）同样指出，位置优越、租户组合经过精心策划且积极进行资产管理的商场，本季度普遍表现更优，并受益于更强劲的租户需求。 另请阅读：长堤坊（Causeway Point）资产提升工程（AEI）将引入全新社交与阅读枢纽，内有二手书籍及新加坡文学（Sing Lit） 尽管经营环境充满挑战，新加坡仍持续吸引新的国际零售商，尤其是乌节路沿线，Wong表示。 他指出，韩国鞋履品牌Rockfish Weatherwear近期在ION Orchard开业，伦敦街头服饰品牌Palace Skateboards在Scotts Square开业。泰国时尚品牌Gentlewoman亦于10月在313@Somerset开设其首家新加坡门店。 另一即将进驻的品牌是日本甜甜圈连锁I'm donut?，计划于12月在ION Orchard开业。 世邦魏理仕（CBRE）亦强调餐饮（F&B）及时尚品牌的扩张需求，例如Chick-fil-A、Loulouca、Pop Bakery、In Good Company及Polène。 尽管零售及餐饮结业广受报道，这两个行业的净企业设立量仍为正值，截至2026年8月达992个实体，戴德梁行的Wong指出。 与此同时，零售格局正在转变，部分既有运营商退出或缩减规模，业主则探索现有零售空间的替代用途。 另请阅读：One Comcentre办公及零售枢纽启动招租，乌节核心将设1公顷高架公园 世邦魏理仕新加坡及东南亚研究主管Tricia Song指出，True Fitness、Crystal Jade及Japan Home等运营商出现租户退出及空间整合。 在此背景下，业主正日益探索零售空间的替代用途。Song特别提到，原位于Orchard Point的Taste Orchard正被重新定位为JustCo Place。 与此同时，远东机构（Far East Organization）于7月宣布，将把乌节中城（Orchard Central）较高楼层的零售空间改建为办公室，翻新工程定于12月1日开始。 Song认为，这些发展是自先得坊（The Centrepoint）于2020年把空间租予JustCo以来，最重大的零售转办公转变。 全岛范围内，私人零售已占用空间在2026年第三季收缩21,000平方米（226,044平方英尺）；据世邦魏理仕，上一季度则下降29,000平方米（312,156平方英尺）。 全岛私人零售空置率维持在7%不变。世邦魏理仕表示，现有零售存量撤出22,000平方米（236,808平方英尺），主要由于港湾中心（HarbourFront Centre）关闭以进行重建，这在很大程度上抵消了已占用空间的下降。 另请阅读：旅游局邀请提交方案，将翡翠山（Emerald Hill）地段重建为酒店及生活方式目的地 据世邦魏理仕，在其细分中，中区以外（Outside Central Region，OCR）是2026年第三季唯一录得正净吸纳的子市场，已占用空间增加6,000平方米（64,584平方英尺），而前一季度则减少12,000平方米（129,168平方英尺）。 因此，中区以外的空置率由2026年第二季的5.2%降至4.7%，反映出零售商对具备韧性住宅腹地的郊区地点仍有持续兴趣。 展望未来，零售供应预计将保持相对有限。市区重建局数据显示，约35,000平方米（376,740平方英尺）的总零售面积计划于2027年竣工，2028年则增至103,000平方米（1.11百万平方英尺）。 戴德梁行的Wong估计，2027年至2031年间即将推出的零售供应中，仅有4%将位于乌节路沿线，表明新加坡黄金购物带的供应压力将保持有限。 尽管如此，零售商仍持续面临营运成本上升、人力短缺以及电子商务激烈竞争等挑战。 仲量联行预计，随着零售商对扩张采取谨慎做法，租金增长将保持温和。世邦魏理仕的Song预测，2026年全年优质零售租金将上升1%至2%。