According to CBRE Cambodia, at the end of Q3, total retail space in Phnom Penh stood at nearly 770,000 sqm, while the average occupancy rate for the quarter stood at 58.3%, a slight decline compared to Q2’s 58.7%.
The slump has continued since 2019. During the Covid-19 pandemic in 2021 peak occupancy rates fell below 55%.
Rental prices across the four types of retail spaces – shopping malls, community malls, retail podiums and prime high streets – have dropped between 0% and 5.2% compared to Q1 2020.
CBRE Cambodia managing director Kinkesa Kim explains that the industry’s recovery depends on global and domestic economic growth.
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