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Industrial market rents rise 2.0% YoY in 3Q23

Growth eased from the previous quarter.

The Singapore industrial market rental index rose 2.0% YoY, expanding for the 12th consecutive quarter.

Rental growth, however, slightly eased from the previous quarter.
Rental growth was positive in all segments despite declining occupancies.

The price index rose by 1.4% QoQ, slightly down from the 1.5% growth in 2Q22. 

Rental and price growth are expected to moderate as global growth and weakness slows down in the manufacturing sector
Overall occupancy declined by 0.2% QoQ as new completions came onto the market.

Supply between 2024-2026 will continue to ramp up, with an average annual supply of 1.0 mil sqm.

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