Industrial space prices, rents stuck in the doldrums in Q1

This is in tandem with lower occupancy rates.

Singapore's industrial sector continued to face price and rental slumps in Q1.

According to JTC, the price and rental indices fell, on a quarterly basis, by 2.2% and 0.9%, respectively. On a yearly basis, price indices reported worse declines at 8.9% and 5%.

This came as occupancy rates declined to 89.4%.

Meanwhile, for the next three quarters of 2017, about 2.0 million sqm of industrial space, including 421,000 sqm of multiple-user factory space, is estimated to come on-stream.

"This is higher than the average annual supply and demand of around 1.8 million sqm and 1.3 million sqm respectively in the past 3 years. This is likely to exert further downward pressure on occupancy rates, prices and rentals, translating to reduced business cost for industrialists," JTC noted.

Here’s more from JTC:

For industrialists looking to own production spaces, there were around 1,400 units in uncompleted strata-titled developments that remained available for sale at the end of 1Q 2017.

These totalled about 330,000 sqm of space, representing around 3% of the existing multiple-user factory stock. With the upcoming supply, there will be ample space options available to industrialists to site or relocate their operations.

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