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Rents, prices of Singapore industrial space remained stable in Q2 2019
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Rents, prices of Singapore industrial space remained stable in Q2 2019 | The Straits Times
SINGAPORE --July 25, 2019-- Rents and prices of industrial space in Singapore continued to remain stable in the second quarter of this year compared with the previous quarter, going by the latest data released by industrial landlord JTC Corp on Thursday (July 25). JTC's rental index inched up 0.1 per cent while its price index dipped 0.1 per cent over the previous quarter.
Compared with a year ago, the rental index remained unchanged while the price index was down 0.1 per cent.
Meanwhile, the occupancy rate of the overall industrial property market for the second quarter was flat over the previous quarter, but increased 0.6 percentage point year on year to 89.3 per cent.
JTC said that for industrialists looking to own production spaces, in addition to the available units in completed strata-titled developments, there are about 170 units in uncompleted projects available for sale as at the end of June 2019. These units totalled about 112,000 square metres (sq m) of space and will provide options for industrialists to site or relocate their operations to these developments.
For the rest of 2019, another 0.9 million sq m of industrial space is estimated to come on-stream, of which about 729,000 sq m is single-user factory space.
In 2020, around 1.7 million sq m of industrial space, including 470,000 sq m of single-user factory space, is estimated to be completed.
In comparison, the average annual supply and demand of industrial space in the past three years were around 1.3 million sq m and 1.2 million sq m respectively.
JTC also said that based on the number of caveats lodged for industrial properties, the transaction volume in the second quarter of 2019 increased by 24 per cent from the previous quarter, and was also up 28 cent from a year ago.