Industrial occupancy unchanged at 89% in Q1: JTC

The sector’s available stock rose to 53.5 million square metres.

Singapore’s industrial property market was unchanged in the first quarter of 2025, maintaining an overall occupancy rate of 89%.

According to JTC’s latest quarterly report, this marks no change from the previous quarter and a modest 0.3 percentage point increase from a year earlier. The sector’s available stock rose to 53.5 million square metres.

Prices and rents continued to trend upward, albeit at a slower pace. The price index for all industrial space increased by 1.5% QoQ and 5.3% YoY.

Meanwhile, the rental index rose by 0.5% from the previous quarter and 2.3% from a year earlier — the smallest annual rental growth since 2021, indicating a gradual cooling in rental momentum.

Amongst sub-segments, multiple-user factories led performance with price gains of 1.9% quarter-on-quarter and 6.4% YoY, and rents up 0.3% and 2.8%, respectively.

Single-user factories saw price and rent increases of 0.4% and 0.8% QoQ, whilst business parks continued to face challenges, with occupancy falling to 75.9% and rental growth remaining modest.

Warehouse performance was relatively stable, with rents rising 0.6% and occupancy softening slightly to 90.5%.

Looking ahead, around 0.7 million square metres of new industrial space is expected to be completed by the end of 2025, with a further 1.5 million square metres scheduled for 2026.

This upcoming supply is divided primarily amongst warehouses, single-user and multiple-user factories, with a smaller share in business parks.

The projected average annual supply of 1.1 million sq. m. until 2027 surpasses the previous three-year average, reflecting JTC’s confidence in the market’s capacity to absorb new stock.

JTC’s Ready-Built Facilities allocation for the quarter totalled 69,700 sq. m., mostly in land-based and high-rise factories.

Returns totalled 59,900 sq. m., largely due to natural lease expirations and consolidation. The government also successfully awarded a single-user development site in Kaki Bukit, further contributing to land supply for industrialists.

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