Islandwide vacancy rates for business parks inches up to 19.5% in 3Q23
The poor take-up rate in the East Planning Region affected vacancy levels.
Despite improvement in the vacancy rates in Mapletree Business City, Science Park and CleanTech Park, the islandwide vacancy level inched up to 19.5% in 3Q23.
According to Savills, the islandwide vacancy level was affected by the
poor take-up rate in the East Planning Region, where the vacancy level went up to 27.0% (+0.7 ppt QoQ), the highest since 2009.
Savills attributed the increase in vacancy level in the East Planning Region to ESR Bizpark @ Chai Chee, where the vacancy level rose by 1.2 ppt QoQ to 24.8%.
The real estate expert added that the vacancy level in Changi Business Park also increased by 0.5 ppt QoQ to a record high of 27.4% in Q3.