Industrial property occupancy rate increases to 89.0% in 4Q23

The latest figure represents a 0.1 ppt increase compared to 3Q23.

The overall occupancy rate for the industrial property market rose by 0.1 percentage point QoQ to 89.0% in 4Q23.

JTC said multiple-user factory and warehouse segments drove the QoQ increase.

Year-on-year, however, the occupancy rate fell by 0.4 ppt due to new completions.

In 2023, total available stock rose by 0.9 million sqm, outpacing total occupied stock of 0.6 million sqm.

Meanwhile, prices and rentals of industrial spaces continued to rise in 4Q23, increasing by 0.6% QoQ (5.1% YoY)  and 1.7% QoQ (8.9% YoY), respectively.

In 2024, JTC expects occupancy rates to remain stable with new industrial space stock coming onstream. Around 2 million sqm of new industrial space will be completed this year.