Industrial property occupancy rate increases to 89.0% in 4Q23

The latest figure represents a 0.1 ppt increase compared to 3Q23.

The overall occupancy rate for the industrial property market rose by 0.1 percentage point QoQ to 89.0% in 4Q23.

JTC said multiple-user factory and warehouse segments drove the QoQ increase.

Year-on-year, however, the occupancy rate fell by 0.4 ppt due to new completions.

In 2023, total available stock rose by 0.9 million sqm, outpacing total occupied stock of 0.6 million sqm.

Meanwhile, prices and rentals of industrial spaces continued to rise in 4Q23, increasing by 0.6% QoQ (5.1% YoY) and 1.7% QoQ (8.9% YoY), respectively.

In 2024, JTC expects occupancy rates to remain stable with new industrial space stock coming onstream. Around 2 million sqm of new industrial space will be completed this year.

Follow the link for more news on

JTC Corporation

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia