Business parks are set to see occupancy rates go beyond 90 per cent by the end of June this year to hit a new peak, according to property consultants CB Richard Ellis (CBRE).
At the end of March, the average occupancy rate for business parks stood at about 88 per cent. CBRE said office space shortage and persistent rent increases are driving office tenants towards hi-tech space or business parks.
This has pushed up business park rents by an average of 30 per cent since the start of the year.
During the second quarter, two business park sites at one-north were awarded, which will add over 90,000 square metres of space by the end of 2009. - CNA/ms
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