Mapletree Industrial Trust posts average Singapore portfolio occupancy up 93.8%

Its average overall portfolio occupancy went up 95.5% in FY 22/23.

Mapletree Industrial Trust said its average portfolio occupancy rate in Singapore is in an all-time high since its listing.

In a statement, it said its higher occupancies were documented across all segments excluding the tech buildings due to the increase in the leasable area upon completion of Mapletree Hi-Tech Park @ Kallang Way. 

The average passing rental rate for Singapore Portfolio also increased from $2.13 per square foot per month (psf/mth) in FY21/22 to S$2.15 psf/mth in FY22/23, said Mapletree Industrial Trust. 

Meanwhile, its North American Portfolio's average passing rental rate rose from US$2.35 psf/mth in FY21/22 to US$2.38 psf/mth in FY22/23. 

This was primarily due to the built-in rental escalations in the leases, Mapletree Industrial Trust. 

But the average North American Portfolio occupancy rate fell from 94.2% in FY21/22 to 93.8% in FY22/23. This was attributed to the non-renewal of a lease at 2 Christie Heights Street, Leonia, New Jersey.