Occupancy rate stands at 90.1% in Q4 2021: JTC

This was unchanged compared to the previous quarter.

In its fourth-quarter (Q4) 2021 report, JTC revealed that the occupancy rate for the overall industrial property market stood at 90.1%.

This was unchanged compared to the previous quarter, but 0.2 percentage points higher than last year. Delays in completion continue to persist. The total available stock rose by only 11,000 square metres (sqm) in Q4 2021 compared to the previous quarter, dropping sharply from the quarterly increase of 228,000 sqm in the third quarter of 2021.

For the whole of 2021, the total available stock rose by 736,000 sqm.

In line with the broad recovery of the economy, prices and rentals have continued to rise. In Q421, the price and rental indices of all industrial spaces grew 1.4% and 0.2%, respectively.

As of the end of December 2021, around 2.8m sqm of new industrial space is expected to be completed in 2022, including the 784,000 sqm delayed from 2021. Single-user factory space made up about 44%, multiple-user factory space made up 36%, whilst the remaining 20% comprised warehouse and business park space. 

The current year will continue to see the economy recover, with demand for industrial space still projected to be robust. Any potential rise in occupancy may however be tempered by new completions, although some completion delays are still expected. JTC will continue to monitor the market closely and support the needs of industrialists.