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Despite the dismal performance of the local manufacturing sector during 2014, industrial space has been on the rise due to increased activity in logistics and distribution. Total industrial stock increased by a marginal 3.6% y/y in Q4 2014. Most of the completed developments in the quarter were non-speculative in nature and the relocation of tenants has contributed to an increase in vacancies amongst other factors. Rental rates remained largely unchanged in the quarter. Maxi-units have gained appeal due to their efficiency in storage and operational costs, contributing to a flat trend in rental rates in this regard.
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10 February 2015