Rents also dipped 0.4%.
The industrial property sector in Singapore continued to soften as prices dipped 1.1% YoY in Q3, according to JTC, although the situation may soon turn around in the coming year as supply comes online.
On a quarter-on-quarter basis, however, industrial prices inched up by a marginal 0.1% in Q3.
Industrial rents also fell 0.4% YoY and 0.1% QoQ. This translates to around $2.65 psf per month, according to Edmund Tie & Company.
Monthly rents of business parks held firm at $4.60 psf whilst leasing costs for first-storey industrial space and upper storey factory space stayed flat at $1.85 psf and $1.40 psf.
“Overall, the industrial market remained subdued, with little rental transactions reported especially in older industrial buildings,” ET & Co said in a report.
Although newer businesses park developments in locations such as one-north performed better, older business park developments in the West Region were challenged by difficulty in retaining tenants, the firm added, citing escalating trade tensions as a downside risk.
Occupancy rates rose by 0.4 percentage points QoQ and 0.5 pp YoY to 89.1%. Transaction volumes also rose 2% QoQ and 4% YoY.
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