Industrial rents up 3.5% in 2024

This was a sharp decline from the previous year according to JTC.

Industrial property rents inched up 0.5% in Q4 2024, with the full-year rental index up 3.5% for the year.

JTC said this was a sharp decline from the previous annual increase of 8.9% in 2023.

Warehouse rents went up 0.9% quarter-on-quarter, followed by multiple-user factory (0.4%) business park (0.2%), and single-user factory (0.1%)

Year-on-year, multiple-user factory saw the sharpest growth at 3.8%, followed by warehouse at 3.5%, single-user factory at 3.2%, and finally business park at 1.9%

JTC said it expects 1.2 million sqm of new industrial space to be completed in 2025 with a further 1.1 million sqm of space expected in 2026.

The government also expects the occupancy and rental rates to remain stable.

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