• 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.