/Knight Frank

Chart of the Day: Leasing volume for multiple-user factories down 1.5% in early 2023

There are a total of 1,548 tenancies from January to February 2023.

Knight Frank’s industrial property report showed the decline in islandwide leasing volume for multiple-user factories by 1.5% quarter-on-quarter to 1,548 tenancies in the first two months of 2023.

The median rent for the segment improved 4.7% quarter-on-quarter to $2.01 per square foot and per metres. 

Business parks performed better than other industrial property types in the first quarter of 2023, with the total number of business park leasing deals growing 66.7% to 70 tenancies for January and February 2023, compared to the two-month period of October and November 2022.

The majority of the leasing deals are in the Central Region due to a strong preference for accessibility.

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