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Business park rents to be muted in 2H23: CBRE

In 2Q23, rents remained flat at $6.10 psf/mth for City Fringe and $3.70 psf/mth for the Rest of Island.

Real estate expert, CBRE, said business park rents will likely be muted for the rest of the year.

In a report, the expert said the Rest of Island market will likely see greater downward pressure for the year due to higher vacancy and occupiers’ preference for newer and more centrally-located assets.

In 1H23, rents remained flat due to ongoing macroeconomic headwinds and caution sentiment.

As of 2Q23, the average rent for City Fringe was $6.10 psf/mth, whilst rents for the Rest of Island was $3.70 psf/mth.

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