High-tech industrial sites led the decline.
This chart from EDMUND TIE showed that the monthly average rental rates for most market segments declined QoQ in Q2 due to weak manufacturing performance.
High-tech industrial sites led the decline as it fell 0.4% QoQ, followed by upper-storey multiple-user factory and suburban business park by 0.2%. Warehouse logistics spaces saw its rents slip by 0.1% QoQ in Q2.
The location of the developments is a key factor in determining the extent of decline of rents, the report said. For instance, the average monthly rents for business parks in the Central Region held up, whilst those in the suburban areas contracted.
