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Weak demand for industrial space in Q2, says DTZ

Published on Jul 2, 2014 9:14 PM

SINGAPORE - Sluggish economic growth prospects and an unexpectedly poor showing by the manufacturing sector dampened demand for factories and warehouses in the second quarter, property consultancy DTZ said in a report on Wednesday.

However, newer business park and high-tech industrial space still saw keen interest from tenants, it said.

Rents and prices for conventional industrial space remained unchanged in the second quarter from the previous three months, based on a basket of properties DTZ tracked.

It found that the average rent for ground-floor space was $2.20 per sq ft (psf) per month in April through June, while rent for upper storeys was $1.80 psf per month on average.

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