Singapore business parks see higher occupancy in Q1: CBRE

Occupancy levels at Singapore business parks rose in the first quarter of 2015 as industries such as the infocommunications industry and the pharmaceutical industry took up more space, property services firm CBRE said on Thursday (Apr 9).

CBRE estimated the vacancy rate at business parks fell to 10.4 percent in the first quarter, down from 11.7 percent in the last three months of 2014.

It added that occupiers took up about 910,000 square feet of business park space during the first quarter, including space at the newly developed Fusionopolis Phase 2A.

Rents in the city fringe sub-market, which includes properties such as Mapletree Business City and Nexus, were unchanged from the previous quarter at S$5.50 per square foot (psf) per month. They were, however, about 1.9 per cent higher when compared to the same period a year ago.

Rents in business parks further from the city maintained at S$3.65 psf/month quarter-on-quarter, but were down 5.2 per cent from the same period last year, CBRE said.

Source : Channel NewsAsia – 9 Apr 2015

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