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/CBRE
Chart of the Day: Vacancy rate for business parks grew to 16.8% in Q4
This was due to inability of demand to keep up with new completed projects.
A chart from CBRE indicated that the vacancy rate of business parks islandwide went up to 16.8% in the fourth quarter of 2022 from 14.2% in the previous quarter.
Supply pressures impacted the segment, recording a positive net absorption of 0.31 mil sq ft. The demand for this property segment did not keep pace with the supply as newly completed projects emerged such as the Perennial Business City.
Despite the increase in vacancy, business parks were still resilient, according to CBRE.
The 2022 net absorption remained at 0.49 mil sq ft., which fell 20.8% compared to the net absorption last year.
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