Updated: 07/24/2014 21:04

S'pore's industrial property occupancy rates in Q2 hit their lowest since late 2007



S'pore's industrial property occupancy rates in Q2 hit their lowest since late 2007

Overall occupancy rates in Singapore's industrial property market reached their lowest levels in the second quarter since late 2007. 

This after the government increased the supply of industrial land in recent years. 

JTC Corporation says the overall occupancy rate fell by 0.9 percentage points on quarter to nearly 91 per cent. 

On a year-on-year basis, the occupancy rate dropped by 1.7 percentage points. 

For multiple-user factory space, the occupancy rate slipped by 3.1 percentage points to over 87 per cent. 

Prices of industrial space rose by 3.9 per cent, significantly slower than the average increase of about 19 per cent a year over the past 4 years. 

Rentals of industrial space grew by 5 per cent. 

For the second half of the year, the government is setting aside 9 sites in the confirmed list and 6 sites in the reserve list, with a total site area of close to 19 hectares.

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