For retail, CBRE points to still positive leasing momentum in 3Q2025. Although the media reported closures, CBRE says demand was positive. In 3Q2025, retail rents rose by 0.5% q-o-q. Prime retail rents have risen by 1.8% year-to-date. CBRE is expecting prime retail rents to rise by 2.3% this year.
Although manufacturing output and exports have weakened, prime logistics rents rose by 1.1% q-o-q but factories and warehouse rents remained flat.
Tricia Song, CBRE Head of Research, Singapore and Southeast Asia, commented, “Despite the prevailing global economic uncertainties, the market has demonstrated remarkable resilience. Vacancy rates in the Core CBD (Grade A) have steadily tightened from 5.9% in Q1 2025 to 5.1% in Q3 2025, reflecting sustained leasing momentum and a relentless flight to quality.” The market’s strength was illustrated in IOI Central Boulevard’s strong performance. This development is the last major Grade A completion in the Core CBD until 2028 and achieved approximately 90% commitment by 3Q2025 Song says.
