Industrial rents reach highest level since 1996 with Q4 2024 growth

Overall rental growth was mainly driven by the multiple-user and warehouse segments.

Rents for all industrial properties in Singapore rose by 0.5% quarter-on-quarter (QoQ) in Q4 2024, marking the 17th consecutive quarter of growth and reaching its highest level since Q2 1996, JTC reported.

Year-on-year (YoY), rents grew by 3.5%, slowing from the 8.9% increase recorded in 2023.

Overall rental growth was positive across all segments, driven largely by the multiple-user and warehouse segments.

Meanwhile, overall industrial occupancy remained flat, with occupancy rates declining in the multiple-user factory and business park segments.

The price index grew by 0.5% QoQ, down from the 1.2% growth in Q3, bringing annual growth for 2024 to 2.1%, a decline from the 5.1% recorded in 2023.

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