Rental costs for Singapore hi-tech industrial space climb at faster pace

Rental costs for hi-tech industrial spaces in Singapore have grown at a faster pace in the second quarter of 2011 than in the first, says real estate services firm DTZ Research.

Quarter-on-quarter growth for rental costs was 4.5 percent, ending at S$3.45 per square foot (psf) from April to June. Growth in the previous quarter was 3.1 percent.

“As office rents have increased at a faster pace, some office tenants who qualify to occupy industrial space due to the nature of their business operations are choosing to move over to business parks and high-tech industrial buildings,” says Cheng Siow Ying, DTZ executive director, to Channel NewsAsia.