SINGAPORE - The occupancy rate of industrial space in Singapore has fallen to its lowest levels in nearly seven years, as the Government pushed out more industrial land to meet demand.
This in turn helped stabilise rents and prices of industrial space, such as warehouses and factories, in the second quarter of the year, according to data released by state industrial landlord JTC Corporation on Thursday.
The occupancy rate of the overall industrial property market here dipped to 90.7 per cent in the second quarter, the lowest since late 2007, JTC said. For multi-user factory space, occupancy is now at 87.3 per cent.
Industrial rents also fell slightly in the April to June period from the first three months, slipping 0.1 per cent. But they were still 5 per cent higher than in the April to June period last year.
Prices of industrial space rose 0.7 per cent in the second quarter from the first quarter, and 3.9 per cent compared to the second quarter last year.