
Chart of the Day: Business park vacancy rate falls 11.6% in Q1
It signalled performance stability for the segment.
The business park market ended the first quarter of the year with a stable performance as overall vacancy rate continued trending downwards in Q1.
According to CBRE, the island-wide vacancy rate fell by 0.3 percentage points to 11.6%. This was aided by no new supply for the quarter. Net absorption clocked in at 75,082 sqft.
Previously completed business park buildings gained further traction in take up.
Meanwhile, demand from technology and media companies continued to be most active but there was a slowdown in overall enquiry activity in the said quarter.