JTC projects 400,000 sq m of new industrial space in H2

Single-user factory space will make up 53% of the upcoming supply, it said.

JTC expects around 400,000 square metres (sq. m.) of new industrial space to be completed in the second half of the year, based on planning approvals as of end June.

Single-user factory space is projected to account for 53% of the upcoming supply, whilst warehouses will make up the remaining 47%, the agency said in its quarterly market report for the second quarter (Q2).

From 2027 to 2030, around 1 million sq. m. of industrial space is projected to be completed annually. This compares with an average annual supply of 0.7 million sq m and demand of 0.6 million sq m over the past three years.

The forecast comes as industrial occupancy rose 0.2 percentage points (pp) quarter-on-quarter to 89.1% in Q2, up 0.3 percentage points from a year earlier.

JTC attributed the increase to the business park and multiple-user factory segments, which recorded quarter-on-quarter occupancy increases of 1.2 pp and 0.3 pp, respectively.

Meanwhile, single-user factory occupancy edged up 0.1 pp, whilst warehouse occupancy remained unchanged.

The rental index for industrial space increased 0.5% quarter-on-quarter and 2.1% year-on-year.

Most property segments recorded rental growth of between 0.5% and 0.7%, except business parks, where rents slipped 0.1%.

Industrial property prices rose 0.6% from the previous quarter and 3.8% from a year earlier.

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