Softer demand to slow rental and price growth for factories

In 1Q24, rental indices saw single-digit increases.

Rental and price growths for factories are likely to slow amidst softer demand and leasing activity, Colliers reported.

In 1Q24, rental indices for multiple-user factories increased by 1.3% QoQ, whilst single-user factories reported a 2.1% QoQ increase.

Demand for multiple-user factories also grew, albeit slower, as most tenants opted for smaller spaces under 10,000 square feet.

Meanwhile, manufacturing players drove the demand for single-user factories.

“There is a surge of supply coming on stream in 2024 though these are typically developed by the industrialists for their own use,” Colliers said.

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