( dpa ) - The occupancy rate for business parks in Singapore has hit 90 per cent, the highest in five years resulting from an office space crunch, a report said on Friday.
CB Richard Ellis (CBRE) said the occupancy rate grew from 89.4 per cent at the end of 2007 to an estimated 90.2 per cent at the end of last month.
The tight supply of office space in the central business district has prompted such financial institutions as Standard Chartered Bank, Credit Suisse and Citibank to relocate part of their operations to the Changi Business Park.
While the average occupancy rate for business parks is expected to grow, it would be at a "less robust pace compared with high-tech space," The Business Times quoted CBRE director of industrial service Bernard Goh as saying.
Some 6 million square feet of business parks are expected to be completed from 2008 to 2011, the report said.
Goh expects the growth in rental for high-tech space to continue at a healthy pace.