Singapore prime retail rents are showing signs of holding up, although retailers are still cautious and uncertain about the pace of recovery. Most offices are still on a hybrid work setup so footfall in the Central Business District has yet to return to preCOVID levels.
According to Savills, the slow return of human traffic could also have contributed to some retail space being vacated, for example, The Assembly at Raffles City.
Here’s more from Savills:
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