The prolonged pandemic continued to exert a negative impact on trade flows. The city’s total trade value fell in July and August combined, a slight improvement on the decline recorded in Q2 2020.
Most logistics occupiers displayed little appetite for new leases owing to sluggish global and local economic conditions. Demand from occupiers catering to domestic consumption was relatively resilient.
Overall warehouse rents fell amid high vacancy and landlords adopting a more flexible stance.