News

Commercial Property

Staff Reporter

, Singapore

Published:

9 months ago

Chart of the Day: Business park space vacancy reaches highest level since 2014

The vacancy rate in the Central Region eased to 7.3%.

The islandwide vacancy rate increased by 0.7 percentage points (ppt) quarter-on-quarter in the second quarter, worsening to the highest rate since 2014 at 19.4%, according to a report by Savills.

Savills reported that some areas posted a healthy up-take such as one-north with the Central Region reporting a 7.3%, easing by 0.4 ppt.

ALSO READ: Business park rents to be muted in 2H23: CBRE

Meanwhile, vacancy rates in other areas such as the West Planning Region which reported a 2.4 ppt to 41.9%, and the East Planning Region with a 0.7 ppt increase to 26.3%, due to the lower occupier demand at the CleanTech Park and ESR Bizpark @ Chai Chee.

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Savills

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