Rental growth of business parks, high-tech parks eases in Q3

RENTAL growth of business parks and hi-tech parks eased in Q3, as signs of a slowing Chinese economy weighed down business confidence and demand for industrial space in Singapore.

According to data put out by DTZ on Monday, average monthly gross rents of first-storey and upper-storey conventional factory space declined 2.3 per cent and 2.9 per cent quarter on quarter (q-o-q) to S$2.15 per sq ft and S$1.70 per sq ft respectively in Q3 2015.

Rental growth in the business parks and hi-tech sectors also tapered in Q3, with average monthly gross rents for business parks and hi-tech sectors holding firm q-o-q at S$5.10 per sq ft and S$3.30 per sq ft respectively.