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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.
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