Industrial occupancy dips to 88.7% in 1Q24

Occupancy fell 0.3 ppt from 4Q23.

The overall occupancy rate for the industrial property market fell 0.3 percentage point (ppt) QoQ and 0.1 ppt to 88.7% in 1Q24.

JTC attributed the increase to supply outpacing demand.

From 1Q23 to 1Q24, total available stock rose by 0.7 million sqm, outpacing the 0.6 million sqm increase in total occupied stock.

Data available as of March indicates that 1.6 million sqm of industrial space will be completed in the remaining quarters of 2024.

In 2025, an additional 1.0 million sqm of space will come on stream.

“Whilst it is anticipated that new supply of industrial space stock will continue to come on steam in 2024, occupancy rates are likely to remain stable,” JTC reported.