Industrial occupancy falls to 89.8% in Q1 2022: JTC

Despite the drop in occupancy, the rental index still rose by 1.0%.

The overall occupancy rate for the industrial property market fell by 0.4 percentage points from the previous quarter to 89.8% in Q1 2022, data from JTC showed.

According to the agency's report, the drop was due to "new completions picking up significantly, and increase in supply exceeding new demand."

The occupancy rate also declined across all property types except Business Park which saw an increment of 1.1 percentage points to 85.6%.

As of the end of Q1, the total industrial space was at 51.0 million sqm. In the same quarter, the total available stock rose by 333,000 sqm, whilst total occupied stock increased by 71,000 sqm.

In the next three quarters, about 2.4 million sqm of new industrial space is expected to be completed. Of which, 46% are single-user factory s[pace, 28% are muiltiple09ser factory space, and 25% are warehouse and bussiness park space.

Meanwhile, the market saw higher prices and rentals for the quarter with indices rising 2.1% and 1.0%, respectively, despite the drop in occupancy rate/

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