COTD: Industrial property leasing, rents up in Q3

Industrial leasing transactions rose 2.3% YoY in Q3.

In Q3, industrial leasing transactions reached 3,304, representing a 5.8% quarter-on-quarter (QoQ) and 2.3% year-on-year (YoY) growth, according to Knight Frank.

With the increase in leasing activity, the total value of rental transactions grew 1.6% QoQ to $29.1m.

Meanwhile, rents of all industrial properties island-wide showed marginal quarterly growth of 0.8% and 0.9% in the 25th percentile and median categories but fell 3.6% quarterly in the 75th percentile.

The median rent for multiple-user factories rose to approximately $2.50 per square foot per month (psf pm), whilst the median rent for warehouses increased to around $2.25 psf pm, and for single-user factories, to $1.75 psf pm. Business parks saw the highest median rent, reaching nearly $4.50 psf pm.

Knight Frank also stated that with improving manufacturing output and sentiment, island-wide rents for single-user factory spaces rose across all rental percentiles, increasing from $1.52 psf pm, $1.79 psf pm, and $2.22 psf pm in the previous quarter to $1.55 psf pm, $1,80 psf pm, and $2.47 psf pm in the 25th, median, and 75th percentiles respectively.

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