Business park market registers positive net absorption of 0.57 mil sq. ft.

Vacancy rates also saw a double-digit q-o-q decline.

The business park market saw a positive net absorption of 0.57 mil square feet, according to a report released by CBRE. 

Vacancy rate, meanwhile, saw a q-o-q decline to 12.2%, from the previously recorded 13.1%. 

This performance was due to the fulfillment of A-REIT’s build-to-suit facility for Grab Holdings Inc. along Media Close. 

Due to firms adopting the hybrid working model, consolidation and downsizing efforts were in effect. Even with this trend, however, the technology sector, as well as select firms from the pharmaceutical, ecommerce and gaming industries actively sought space in the market. 

The City Fringe submarket experienced a strong demand, leading to a rise in rents by 0.9% q-o-q to $5.85 psf/month. The report points to higher rental expectations due to the limited options in the area. 

On the other hand, the Rest of Island submarket experienced less demand, and unlike City Fringe, rents for this submarket hovered at $3.65 psf/month.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Module integration and completion are not part of its responsibilities.
The company says it will continue to welcome feedback from workers.
OneMap3D data from ERA will be incorporated into its RealtyWatch mobile apps
$500,000 was contributed to the library's Green Grove showcase.
He has over 25 years of experience in business and risk roles.
The country also won 'Best Seaport in Asia' for the 33rd time.
Flight bookings were made available on 22 October.
Sembcorp Industrialshowed the most growth.
Analysts said there are three factors that drove the price growth.
Prices of private residential properties rose by 1.1% in Q3, marking the sixth consecutive quarter of growth.
72% of Singaporeans were aware of the term 'ESG.'
This strong performance was due to the recent acquisitions by the company.