Industrial prices and rentals continue to rise amidst drop in occupancy

In 3Q23, prices rose 6.2% YoY, whilst rentals increased by 9.3% YoY.

Prices and rental indices of all industrial space rose in 3Q23, data from JTC showed.

In 3Q23, prices rose 1.4% QoQ and 6.2% YoY, whilst the rental index jumped 2.0% QoQ and 9.3% YoY.

Multiple-user factory and warehouse segments, which recorded 2.0% QoQ (11.1% YoY) and 2.4% QoQ (9.1% YoY) increases, drove the increase in rentals for the quarter.

On the flip side, occupancy fell during 3Q23, slipping by 0.2 percentage points QoQ to 88.9%. YoY, occupancy fell by 0.8 percentage points,

JTC attributed the overall drop to declines in occupancy across all industrial segments except warehouse.

JTC added that the drop in occupancy in 3Q23 was primarily due to new supply outpacing new demand.

Over the past year, the total available stock of industrial space rose by 1.3 million sqm, outpacing the 0.8 million sqm increase in total occupied stock.

Follow the link for more news on

JTC Corporation

singapore industrial rents

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia