# Stable retail property rents in 2Q2026, despite ongoing churn: Knight Frank Singapore

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-13T09:49:40.000Z
- **Author:** Atiqah Mokhtar
- **Original:** https://www.edgeprop.sg/property-news/stable-retail-property-rents-2q2026-despite-ongoing-churn-knight-frank-singapore
- **Topics:** Commercial & Industrial, Government & Policy, Regional Markets

## Featured rationale

Rental resilience despite outlet churn signals support from visitor spending and overseas-brand openings, potentially keeping prime rents stable while weaker operators reassess locations.

## AI summary

Island-wide average gross rent for prime Singapore retail space rose 0.7% q-o-q to $29 psf per month in 2Q2026.

## Original article

Singapore retail property rents edged up slightly in 2Q2026, despite the ongoing churn in the retail landscape, said real estate consultancy Knight Frank in a July research report.

Based on Knight Frank Singapore's data, the island-wide average gross rent for prime retail space inched up 0.7% q-o-q to $29 psf per month (psf pm) in 2Q2026. This brings rental growth for the first six months of the year to 1.5%.

More retail outlet closures made headlines over the past months. Many of these occurred in the F&B space, with recent casualties including French restaurant Encore by Rhubarb at Duxton Hill, Cantonese eatery Wing Seong Fatty’s Restaurant on Bencoolen Street, and Old School Delights, a restaurant serving local fare at Esplanade Mall.

Read also: How Gen Z consumers and the 'trust economy' are changing the mall experience

On the flip side, new openings continued to emerge, particularly from overseas brands. Among these are Shanghai dumpling chain Yang’s Dumplings, which opened its first Singapore outlet at Bugis Junction last month and Japanese bakery-cafe Rituel Tokyo, which opened its first international outlet at Ngee Ann City.

Knight Frank highlights that retail property rents have been bolstered by Singapore’s “stable” visitor volumes, coupled with a rise in tourism spending in recent years. In 2025, the island’s tourism receipts reached a record high of $32.8 billion, with average per capita spending increasing 7.5% y-o-y to $1,937.

Across the different submarkets, the Marina Centre-City Hall-Bugis segment recorded the biggest growth in prime retail rents last quarter, increasing 1.5% q-o-q to $28.10 psf. The suburban segment saw the second-highest growth of 1.1%, followed by the city fringe (+0.6%).

Meanwhile, the Orchard submarket saw the smallest quarterly growth of 0.3%, with rents reaching $31.90 psf pm in 2Q2026.

“Although Orchard Road maintained its position as Singapore’s premier shopping belt and still commands the highest average gross rents across all precincts, rental growth moderated for the third consecutive quarter since 4Q2025,” adds Galven Tan, CEO of Knight Frank Singapore.

Nonetheless, the firm expects prime retail rents to remain steady in the second half of the year, backed by solid tourist arrivals and higher per capita spending. “The latest tranche of government household vouchers for essential goods could ease cost pressures, potentially lifting discretionary spending,” Tan adds.

Read also: Retail rents slip 0.6% q-o-q in 1Q2026, reversing three consecutive quarters of expansion

Knight Frank is projecting prime retail rents to grow between 2% and 4% for the whole of 2026.

## Chinese translation

> Translation model: grok

### 莱坊新加坡：尽管业态仍在更替，2026年第二季度零售物业租金保持稳定

莱坊数据显示，2026年第二季度全岛优质零售空间平均总租金环比微升0.7%，至每月每平方英尺29新元。

房地产顾问机构莱坊（Knight Frank）在7月研究报告中表示，尽管零售业态持续更替，新加坡零售物业租金在2026年第二季度仍略有上升。

根据莱坊新加坡数据，2026年第二季度全岛优质零售空间平均总租金环比微升0.7%，至每月每平方英尺（psf pm）29新元。这使得年初六个月租金累计增长达1.5%。

过去数月，更多零售门店关闭登上头条。其中不少发生在餐饮领域，近期结业者包括杜克斯顿山法国餐厅Encore by Rhubarb、明古连街粤菜馆荣成肥仔餐厅（Wing Seong Fatty’s Restaurant），以及滨海艺术中心购物中心供应本地美食的Old School Delights。

延伸阅读：Z世代消费者与“信任经济”如何改变商场体验

另一方面，新开业持续涌现，尤以来自海外的品牌为多。其中包括上个月在白沙浮广场开设新加坡首店的上海小笼包连锁杨记兴（Yang’s Dumplings），以及在义安城开设首个国际分店的日本烘焙咖啡店Rituel Tokyo。

莱坊强调，零售物业租金获新加坡“稳定”的游客量支撑，近年来旅游消费亦有所上升。2025年，新加坡旅游收入达创纪录的328亿新元，人均平均消费同比增长7.5%至1,937新元。

各细分市场中，滨海中心—政府大厦—白沙浮板块上季度优质零售租金升幅最大，环比增长1.5%至每平方英尺28.10新元。郊区板块升幅次之（1.1%），其后是城市边缘（+0.6%）。

乌节细分市场季度升幅最小，仅0.3%，2026年第二季度租金达每月每平方英尺31.90新元。

莱坊新加坡首席执行官陈家威（Galven Tan）补充：“尽管乌节路仍保持新加坡首要购物带地位，并在各区域中继续坐拥最高平均总租金，但自2025年第四季度以来，租金增长已连续第三个季度放缓。”

不过，该机构预期下半年优质零售租金将保持稳健，有赖于坚实的游客到访与更高的人均消费。陈家威补充：“政府最新一批用于必需品的家庭购物券可能缓解成本压力，并有望提振可自由支配消费。”

延伸阅读：2026年第一季度零售租金环比回落0.6%，终结连续三个季度扩张

莱坊预计，2026年全年优质零售租金将增长2%至4%。