Against the backdrop of geopolitical tensions and economic uncertainties, Singapore’s retail market remains bifurcated. The average price for retail space in the Central Region increased by 2.2% q-o-q in 1Q2026, compared with 1.7% quarterly increase in 4Q2025. On the other hand, retail rents decreased by 0.6% q-o-q in 1Q2026, reversing the 0.6% quarterly increase in 4Q2025. But this was not an even decline, with rents in the Central Area falling 0.2% q-o-q, while rents in the city-fringe recorded a quarterly decline of 1.5%. On a yearly basis, retail rents rose 1.8% last quarter, nearly matching the 1.9% y-o-y growth that was clocked in 4Q2025. This is broadly aligned with the relatively buoyant consumer sentiment in prime retail spaces, according to Knight Frank. Leonard Tay, Head of Research at Knight Frank, suggests that last quarter’s rental decline could signal that some landlords are recalibrating their expectations and becoming more attuned to tenants’ operating pressures. By engaging tenants directly and exploring how they might be better supported via in-mall...