Occupancy rate industrial property market declined 89.4% in Q4 22

Prices and rentals increased even as the occupancy dropped.

The overall occupancy rate for the industrial property market went down to 89.4%, with new completions exceeding new demand, resulting in an increase in available stock.

In the JTC quarterly market report, prices and rentals have continued to rise despite the drop in occupancy. 

About 1.8 million square metres of new industrial space is projected to be finished in 2023, with single-user factory space making up the largest proportion with 49%, warehouse space taking up 28% whilst 23% comprising multiple-user factory and business park. 

In 2023, the economy will experience a slowdown and demand for industrial space will remain to grow. Prices and rentals may moderate as new supply comes on-stream.

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