Rentals across all industry properties rise a slight 0.3 per cent from Q2 2024, and a steeper 5 per cent year on year
PRICES and rental rates for industrial properties in Singapore increased marginally in the third quarter of 2024 as compared the quarter before, according to JTC’s latest data released Thursday (Oct 24).
The price index of industrial properties for Q3 was up 0.5 per cent compared to a quarter prior, and represented a 2 per cent year-on-year increase from the same period a year ago.
The price growth was markedly higher in the multiple-user factory space segment, up 0.7 per cent from Q2 2024 and 4.5 per cent on a year-on-year basis.
In the single-user factory sub segment, prices edged up a marginal 0.2 per cent month on month but fell 1.1 per cent on the year.
Rentals across all industry properties rose a slight 0.3 per cent from Q2 2024, and a steeper 5 per cent year on year.
Multiple-user factory space rentals demonstrated the highest month-on-month growth at 0.6 per cent, and stood 5.8 per cent compared to Q3 2023.
On a month-on-month comparison, single-user factory and business park rentals fell slightly by 0.3 per cent and 0.2 per cent respectively, as warehouse rentals held steady.
The year-on-year percentage difference was most apparent in the warehouse space, where rentals grew 4.2 per cent. Single-user factory and business park rental also booked on-the-year increases at 3.9 per cent and 2 per cent, respectively.
As at end-September 2024, total industrial stock stood at 52 million square metres. The overall occupancy rate remained unchanged at 89 per cent when compared to a quarter ago, though it stood 10 basis points higher than a year prior.
