During the time that the property market was really experiencing a very successful boom, it seemed that it was the tendency for most landlords to divide retail spaces into even smaller spaces, yet while charging very high fees per square foot for these smaller retail spaces. Now because of falling rental prices and a lack of sales by tenants, landlords are trying to attract tenants that require larger spaces in Cairnhill 9 Ascott that they once had declined in the past.
Cairnhill Nine Ascott Capitaland
Though the process of getting a mix of tenants may aid in the occupancies of the mall and football, this will not really help much with the anticipated fall in Ngee Ann City rents next year for Orchard Condo.
Projections for the year of 2016 regarding retail rentals are said to go back as far as five percent according to estimates by consultants. It is true that so much vacant Takashimaya Shopping Centre retail space is a real worry.
It could take very close to about four years to be able to fill up the retail space, based on the average net demand for retail space over the past three years across the entire island.
Cairnhill 9 Paragon Shopping Centre
An analyst stated that with the rise of the 2.44 million square feet of Wisma Atria retail space being constructed next year, the ongoing attempt of landlords to fill both new and existing retail places is projected to certainly intensify. There is a belief that rents in the Central Region will drop by as much as 3.5 percent in the year of 2016.
With the 3 percent decline in rentals over the entire island, there will likely be seen also a major crunch in manpower and there will be fewer tourists for Somerset Grand Cairnhill Condo. The fortified Singapore dollar along with ecommerce sites will also make a financial hardship for retailers across the island next year.
Somerset Cairnhill Condo Ascott
Cairnhill Nine Condo Data provided by the Cairnhill Nine Urban Redevelopment Authority revealed that there was a drop by 2.9 percent in retail rents for the Central Region, which includes 22 planning areas that span across the central and fringe areas that extend to Queenstown, Geylang, Bishan and Sentosa for the first three quarters of the year. Some regions that have been followed by other analysts show a more significant drop in Cairnhill Nine Ascott prices. Being the lowest since the first quarter of the year of 2006, a current report stated that prime first storey rentals across the island had dropped by 3.7 percent, making the price to be S$30.90 per square foot.