Rents and prices of industrial space in Singapore remained stable in the third quarter of this year compared with the previous three months, according to the latest data from industrial land and infrastructure agency JTC Corp.
The price index was up 0.1 per cent quarter on quarter, while the rental index was flat. Compared with a year ago, the price index edged down 0.1 per cent while the rental index inched up 0.1 per cent.
Meanwhile, the occupancy rate of the overall industrial property market at 89.3 per cent was unchanged over the previous quarter, but up 0.2 percentage point from a year ago.
For industrialists looking to own production spaces, there were about 200 units in uncompleted developments available for sale at the end of Q3 2019. These units totalled about 120,000 square metres (sq m) of space.
JTC said: “Moving forward, JTC will continue to develop new industrial facilities and estates that will meet the needs of industrialists, support their transformation and upgrading, and enhance their productivity and competitiveness.”
For the rest of 2019, another 340,000 sq m of industrial space is estimated to come on-stream, while the figure for 2020 is estimated at 1.9 million sq m. In comparison, the average annual supply and demand of industrial space in the past three years was around 1.3 million and 1.2 million sq m respectively.
JTC also said that based on the number of caveats lodged for industrial properties, transaction volumes in Q3 2019 declined by 20 per cent compared to the prior quarter but was up 2 per cent from a year ago.