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Read more at The Business Times."/><meta data-rh="true" property="og:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/ba7a41f4f3b6bb3bdb160dc7bf34620d2cb95a8863b42b1c4a2cbc4023c3f314"/><meta data-rh="true" property="og:image:width" content="1200"/><meta data-rh="true" property="og:image:height" content="630"/><meta data-rh="true" property="og:image:alt" content="Vacancy in warehouses rose to 8.9 per cent in Q3, up from 8.7 per cent in the previous quarter."/><meta data-rh="true" property="fb:admins" content="100008016031098"/><meta data-rh="true" property="fb:pages" content="288031731262011"/><meta data-rh="true" property="fb:app_id" content="328386607332790"/><meta data-rh="true" property="twitter:card" content="summary_large_image"/><meta data-rh="true" property="twitter:site" content="@BusinessTimes"/><meta data-rh="true" property="twitter:title" content="Cost pressures unsettling Singapore factory users; warehouse and business park vacancies rise in Q3"/><meta 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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Cost pressures unsettling Singapore factory users; warehouse and business park vacancies rise in Q3</h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">To bolster occupancy rate amid softer demand, landlords are likely to offer more incentives: Savills </p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex flex-row items-start justify-start gap-2" data-testid="byline-component"><div class="flex flex-shrink-0 flex-row items-center justify-start"><img class="rounded-full" src="https://cassette.sphdigital.com.sg/image/businesstimes/55234be263a898ce676c99f6f39951f453a1b315577101ac74e3285912094e4d" alt="Samuel Oh" width="50" height="50"/></div><div class="flex flex-col flex-wrap pl-2"><div class="flex flex-wrap gap-x-1.5"><h4 class="align-middle font-poppins font-semibold text-gray-850 word-break text-base" data-testid="byline-name-component"><a class="!text-gray-850 hover:underline" href="/authors/samuel-oh" target="_blank">Samuel Oh </a></h4></div><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published Fri, Nov 22, 2024 · 07:04 PM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent !p-0 relative"><div class="group relative"><div class="flex items-center"><a class="line-clamp-1 place-self-center break-all text-center font-poppins text-base font-semibold capitalize !text-gray-850 border-r-0 px-0 md:px-3" href="/keywords/singapore-industrial-property">Singapore industrial property</a><button data-size="md" type="button" aria-label="Follow tag" class="ml-auto flex aspect-square cursor-pointer items-center justify-center whitespace-nowrap rounded-full !border !border-solid !border-gray-175 px-3 text-center !font-poppins text-xs font-semibold tracking-[0.02em] text-gray-850 !outline-none transition-all duration-150 focus-within:outline-none hover:!border-gray-850 focus:outline-none data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] md:aspect-auto md:px-6" data-rac="" id="react-aria-:R2aldcscu5:"><div class="md:min-w-16"><p class="m-0 hidden md:block">Follow</p><div class="flex items-center md:hidden"><svg aria-hidden="true" focusable="false" data-prefix="fas" data-icon="plus" class="svg-inline--fa fa-plus fa-sm " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512" color="text-gray-850"><path fill="currentColor" d="M256 80c0-17.7-14.3-32-32-32s-32 14.3-32 32l0 144L48 224c-17.7 0-32 14.3-32 32s14.3 32 32 32l144 0 0 144c0 17.7 14.3 32 32 32s32-14.3 32-32l0-144 144 0c17.7 0 32-14.3 32-32s-14.3-32-32-32l-144 0 0-144z"></path></svg></div></div></button></div></div></div></div></div><div class="aspect-3x2 -mx-3 md:mx-0" data-testid="article-main-image-component"><div class="splide"><ul class="splide__pagination flex lg:hidden"></ul><div class="splide__arrows absolute bottom-1/2 hidden w-full gap-2 lg:flex"><button class="splide__arrow splide__arrow--prev flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-ml-[2.75rem] min-[1040px]:-left-4 left-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M11.354%201.646a.5.5%200%200%201%200%20.708L5.707%208l5.647%205.646a.5.5%200%200%201-.708.708l-6-6a.5.5%200%200%201%200-.708l6-6a.5.5%200%200%201%20.708%200z'/%3e%3c/svg%3e" width="18" height="18"/></div></button><button class="splide__arrow splide__arrow--next flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Vacancy in warehouses rose to 8.9 per cent in Q3, from 8.7 per cent in the previous quarter. PHOTO: BT FILE</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component"><span class="uppercase">Singapore’s </span>steadily rising industrial rents are pushing occupiers to look for less pricey premises, resulting in falling occupancies at warehouse and logistics properties and business parks, a report by Savills Singapore on Friday (Nov 22) showed.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Vacancy in warehousing crept up to 8.9 per cent in the third quarter, from 8.7 per cent in Q2. “Sluggish demand in-store and online had seen third-party logistics providers reducing their footprint in the face of cost pressures,” the real estate consultancy said.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Softer demand put pressure on rents in Savills’ basket of warehouse and logistics properties, which recorded “muted” growth of 0.2 per cent quarter on quarter.</p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“As business conditions continue to be buffeted by both global economic challenges and cost pressures, tenants’ tenacity to keep up the fight is motivating them to move to cheaper accommodation,” said Alan Cheong, executive director of research and consultancy at Savills.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“The percolative effect is keeping rents for multiple-user factory space and prices for shorter-term industrial property leases up,” he added.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">During the third quarter, vacancy at multiple-user factories improved by 0.3 per cent quarter on quarter to 8.4 per cent, the lowest since 1996. The drop could be attributed to landlords revising their rental expectations or offering incentives to fill up spaces in less prime locations, said Savills.</p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="specific-newsletter"><h5 class="mb-6 border-b border-gray-850 py-2 !font-poppins text-base font-semibold uppercase tracking-5% md:text-lg">A NEWSLETTER FOR YOU</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/newsletter_property-BQQWZrOj.png"/><div class="min-[321px]:pl-4 md:pl-6"><p class="mb-1 font-poppins text-4xs font-light uppercase tracking-[1px] text-gray-850">Tuesday, 12 pm</p><h5 role="name" class="!font-poppins text-xl font-medium text-gray-850">Property Insights</h5><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg ">Get an exclusive analysis of real estate and property news in Singapore and beyond.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rmabcoodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rnbcoodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Its basket of prime multiple-user factory rents rose 1.3 per cent in Q3 to S$2.29 per square foot (psf).</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Meanwhile, the single-user factory vacancy rate rose 0.3 per cent to 12.3 per cent in Q3, as tenants who had pre-committed to spaces before they were completed could be taking some time to move in, thus driving up vacancy. Rents for single-use factories tracked by Savills rose 0.6 per cent from S$1.79 psf in Q2 to S$1.80 psf in Q3.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">At business parks, clear pockets of weakness dragged on demand and rents. Based on a separate report from Edmund Tie, overall business park occupancy rates rose by 0.5 percentage point to 78.8 per cent in Q3, with a “clear bifurcation between central and suburban business parks”.</p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5232922" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/property/prices-rents-industrial-spaces-rise-slightly-q3-jtc" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/bb19c7ef348119f990cb9ba0b2fcebdcfeafad5f1283c5de79907dcd1ec37820?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/bb19c7ef348119f990cb9ba0b2fcebdcfeafad5f1283c5de79907dcd1ec37820?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/bb19c7ef348119f990cb9ba0b2fcebdcfeafad5f1283c5de79907dcd1ec37820?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/bb19c7ef348119f990cb9ba0b2fcebdcfeafad5f1283c5de79907dcd1ec37820?q=20&w=3&h=2&f=webp" loading="lazy" alt="Total industrial stock stands at 52 million square metres as at end-September 2024. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5232922"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Prices, rents for industrial spaces rise slightly in Q3: JTC" href="/property/prices-rents-industrial-spaces-rise-slightly-q3-jtc" target="_blank">Prices, rents for industrial spaces rise slightly in Q3: JTC</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5352166" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/property/bt-property-week-nov-2024/wave-asset-rejuvenation-come-singapore-industrial-real-estate" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e70d10126c388e66d68c894b832c5bad39fbb02d69b6cbc5c427543849ed10cc?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e70d10126c388e66d68c894b832c5bad39fbb02d69b6cbc5c427543849ed10cc?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e70d10126c388e66d68c894b832c5bad39fbb02d69b6cbc5c427543849ed10cc?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/e70d10126c388e66d68c894b832c5bad39fbb02d69b6cbc5c427543849ed10cc?q=20&w=3&h=2&f=webp" loading="lazy" alt="The attractiveness of private leasehold land can be observed from recent transactions which includes 10 Toh Guan Road East and Admirax. (above) " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5352166"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Wave of asset rejuvenation to come in Singapore industrial real estate " href="/property/bt-property-week-nov-2024/wave-asset-rejuvenation-come-singapore-industrial-real-estate" target="_blank">Wave of asset rejuvenation to come in Singapore industrial real estate </a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><h2 class="mb-4 md:mb-6 text-[21px] md:text-4xl -tracking-5% font-lucida font-bold" data-story-element="sub_head" data-testid="sub-heading-component">Still weak</h2><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">While occupancy at central region business parks improved to 90.3 per cent in Q3 from 88.8 per cent in the previous quarter, suburban business parks were hit by an influx of new supply due to partial completions at Punggol Digital District (PDD), said Edmund Tie. Occupancy at suburban parks dropped to 64.3 per cent in Q3 from 64.9 per cent in Q2.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Savills said that overall leasing demand for business parks remains weak, including in some prime clusters such as Mapletree Business City and Science Park.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“Most of the leasing interest comes from tenants who are looking to downsize, upgrade from older developments or relocate from offices,” the consultancy added.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Its data showed monthly rents for standard business parks slipped 0.2 per cent to S$4.06 psf, while rents at prime business parks had a larger fall of 6.2 per cent on quarter to S$5.92 psf in Q3.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">JTC’s quarterly figures showed that its overall industrial rental index rose a marginal 0.3 per cent in Q3, compared with the previous quarter. Multiple-user factory and warehouse rental growth moderated to 0.6 per cent and 0.1 per cent, respectively, while single-user factories had a 0.3 per cent decline in the quarter. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Business park rents were also down by 0.2 per cent. In view of the subdued demand for business park spaces, some landlords have “become more flexible in their rental expectations in order to attract prospective tenants”, said Savills.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">A surge in pipeline supply in 2025 will bump up completions by almost 40 per cent over the four-year historical average, said Cheong.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Similarly, Edmund Tie noted that rents in the business parks and hi-tech parks segment will face further pressure from elevated vacancy rates in suburban areas, particularly as the PDD approaches completion in 2025.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“To bolster occupancy rate amid softer demand, landlords are likely to be more generous with incentives such as longer rent-free periods and fit-out allowances to attract prospects. Nonetheless, rents across all segments will be bound to remain under pressure in the near term,” said Cheong.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Savills expects rents for multiple-user factories, as well as warehouse and logistics spaces, to rise at a moderate pace of up to 3 per cent each this year, less than the 10 per cent year-on-year rise for multiple-user factories, and 5 per cent for warehouse and logistics spaces in 2023.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">As electronics and semiconductor manufacturing output improves, rents for multi-user factories are expected to rise, said Edmund Tie.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“Cost pressures – including supply chain costs, construction material costs, energy prices and sustainability requirements – are playing a key role in shaping the future of industrial real estate,” said Sally Tan, senior managing director and head of client solutions at Savills.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“While these factors are pushing up costs, demand remains strong in key sectors like logistics, advanced manufacturing, healthcare and data centres, which should help stabilise rental rates and capital values in the long term,” she added.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Overall industrial leasing activity has strengthened from two quarters of slowdown, Savills noted. Total leasing volume has risen by 2.1 per cent on the year to a two-year high at 3,205 tenancies in Q3.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“It was attributed to higher leasing demand for warehouse spaces, which (have) 10.1 per cent more tenancies signed,” the consultancy said.</p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Copyright The Business Times. 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