Despite a decline in overall occupancy rates, rents and prices in Singapore’s industrial developments increased in the first quarter of 2022, according to JTC’s quarterly market report, which was released on Thursday (Apr 28).
Prices for industrial space increased by 2.1% over the previous quarter and by 5.6% over the previous year. The multiple-user and single-user manufacturing divisions’ prices saw quarterly increases of 2.3% and 1.8%, respectively.
In the meanwhile, rents increased by 1.0% quarter over quarter and 2.4% annually, with advances in the warehouse sector driven by strong demand for ramp-up facilities.
Rents in the warehousing industry increased by 1.5% in Q1, followed by those in the factories with multiple users by 0.9% and those with a single user by 0.3%.
Rents in business parks were constant from one quarter to the next.
Rents increased by 3.8 percent in the warehouse sector, 2.6 percent in multiple-user industrial spaces, and 1.8 percent in single-user manufacturing spaces year over year.
Rents in business parks decreased by 0.3%.