Occupancy rate of industrial space dips in 2014: MTI

The occupancy rate in the industrial space market fell from 93 per cent in 2012 to 91 per cent in 2014, following the Government’s release of more industrial land in recent years.

The occupancy rate of JTC’s and HDB’s industrial facilities also dipped from 97 per cent in 2012 to 94 per cent in 2014, said Trade and Industry Minister Lim Hng Kiang in a written parliamentary reply on Monday (17 Aug).

Mr Lim was responding to a question from MP Lee Bee Wah, who asked for the take-up rate for space in JTC and HDB industrial parks for the past three years and if there is more demand than supply for such spaces.

Mr Lim also shared on the upcoming supply of industrial space. An average of about 1.8 million square metres (sqm) of industrial space is expected to come on-stream each year in 2016 and 2017, he said.

“This is higher than the average annual supply and demand of around 1.5 million sqm and 1 million sqm in the past three years. Of the upcoming industrial space, new JTC developments will contribute about 340,000 sqm,” he added.

The new JTC projects include JTC Chemicals Hub @ Tuas View and JTC nanoSpace @ Tampines, the minister said.

Source : Channel NewsAsia – 18 Aug 2015

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