Chart from Huttons

Demand for industrial space dwindles to 86,000 sqm in 4Q23

With lower demand, the occupancy rate edged up by 0.1 ppt.

Demand for industrial space declined to 86,000 sqm in 4Q23 as manufacturers chose to be cautious in their expansion plans, Huttons reported.

Given the lower demand and less industrial space completed, the occupancy rate of industrial space edged up by 0.1 percentage point in 4Q23.

Meanwhile, prices and rents of industrial spaces moderated to 0.6% and 1.7%, respectively, in 4Q23. 

Looking at 2023, prices have grown by 5.1%, smaller than the 2022 record of 7.5%.

“The high-interest rates and uncertain economic outlook resulted in resistance towards higher prices,” Huttons said.

Follow the link for more news on

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!