Chart of the Day: Rest of island business parks face downward pressures

For the past quarter, rents were at $3.7 psf/month.

The past quarter was muted for the business parks sector, with rents in both city fringe and rest of island recording a flat growth.

According to CBRE, rents in city fringe remained at $5.50 psf/month whilst rest of island rents stayed at $3.70 psf/month.

"That said, business parks in the city fringe have remained competitive as they offer very high-quality products in well-connected locations," CBRE said.

The firm noted that parks in this areas are generally the preferred choice for tenants who do qualify for and are seeking business park space.

"Business parks in the Rest of Island sub market, however, have struggled to bolster occupancy levels as their demand pool shrinks. It appears that the recent improvement in manufacturing indicators has yet to translate into a notable increase in demand from industrial occupiers," CBRE explained.

Looking forward, rents are expected to hold steady for the City Fringe whilst some downward pressure is expected for business parks in the Rest of Island.

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