- Latest index: 114.2 (Q4 2025)
- YoY: +2.1%
- All-time peak: 114.2 (Q4 2025)
Retail Rental Index — Overview
Singapore's Retail rental market tracks the Urban Redevelopment Authority's Commercial Rental Index, a quarterly measure that benchmarks asking rents across prime and secondary locations. As of Q4 2025, the Retail index stands at 114.2, up 2.1% year-on-year. The index peaked at 114.2 in Q4 2025 — the latest reading is 0.0% above that high. This article charts the full quarterly series, contextualises current levels against the 5-year average and all-time peak/trough, and compares Retail momentum against the Office sector.
Quarterly Trend (Last 6 Years)
| Period | Index | QoQ Change |
|---|---|---|
| Q1 2023 | 106.8 | — |
| Q2 2023 | 107.5 | ↑ 0.7% |
| Q3 2023 | 108.1 | ↑ 0.6% |
| Q4 2023 | 108.9 | ↑ 0.7% |
| Q1 2024 | 109.6 | ↑ 0.6% |
| Q2 2024 | 110.3 | ↑ 0.6% |
| Q3 2024 | 111 | ↑ 0.6% |
| Q4 2024 | 111.8 | ↑ 0.7% |
| Q1 2025 | 112.4 | ↑ 0.5% |
| Q2 2025 | 113.1 | ↑ 0.6% |
| Q3 2025 | 113.7 | ↑ 0.5% |
| Q4 2025 | 114.2 | ↑ 0.4% |
The Retail rental index currently sits 0.0% above its all-time peak of 114.2 (Q4 2025), and 3.2% above the rolling 5-year average of 110.6. ↑ 3.2% For commercial landlords and tenants, these comparisons matter more than any single quarter's print — lease terms in Singapore are usually 3+3 years, so the practical benchmark for repricing is the multi-year band, not the quarterly move.
Since the URA Commercial Rental Index series began, Retail rents have swung between a low of 106.8 (Q1 2023) and a high of 114.2 (Q4 2025) — a peak-to-trough range of 6.9%. Commercial rental cycles in Singapore are typically 5–7 years and closely follow the broader economic cycle, GDP growth and supply completions. Watch URA media releases for upcoming supply pipelines and benchmark them against the MAS macro outlook.
Cross-Sector: Retail vs Office
As of Q4 2025, the Office rental index reads 171.2, giving a Retail-minus-Office spread of -57.0. Office and retail rents in Singapore are driven by different fundamentals — office tracks white-collar employment, MNC demand and supply from new Grade A completions, while retail tracks tourism, domestic spending, and catchment dynamics. Historically, the two indices have decorrelated during macro shocks (retail fell harder during COVID, office softened during WFH peak), which makes cross-sector allocation a meaningful risk-management tool for commercial investors.
Key Drivers
- Supply pipeline: Grade A office completions in the Central Business District (CBD) are the single biggest driver of near-term office rents. Track the URA Master Plan.
- Employment: Financial services, tech, and professional-services headcount — monitored via SingStat labour market releases.
- Tourism and retail spending: STB arrival data and GST-receipts trends for retail.
- Interest rates: Higher rates compress commercial cap rates, pressuring valuations and indirectly rents. See MAS interest rate statistics.
Frequently Asked Questions
What is the current Retail rental index in Singapore?
As of the latest quarter, the Retail rental index stands at 114.2, up 2.1% year-on-year. The index is published quarterly by the Urban Redevelopment Authority and tracks asking rents across prime and secondary locations.
How is the Commercial Rental Index calculated?
URA computes the index by aggregating contracted rents reported through Stamp Duty lodgement, weighted by floor area and segmented by sector (office, retail). It is updated quarterly and published via data.gov.sg.
How does this index affect my commercial lease negotiation?
Landlords reference the most recent quarterly print when quoting asking rents, while tenants use the 12–24 month trajectory to argue for stability clauses or rent-review caps. Where the index sits relative to the 5-year average is usually the most useful negotiation anchor — it frames whether current market rent is cyclically high, low, or mid-range.
Methodology & Sources
This analysis covers All available quarters and is updated as new data becomes available.
Transaction data sourced from URA REALIS.
- Rental index data from data.gov.sg Commercial Rental Index dataset, published quarterly by URA.
- Supply pipeline and master-plan context from URA Master Plan.
- Macro and interest rate context from MAS monetary policy and SingStat.
- Index numbers reflect asking rents aggregated from Stamp Duty lodgement records; individual deals may transact at meaningful discounts or premiums to the index.
Median values used to minimize outlier impact. PSF = price per square foot.