Multiple-user factory rents posted highest quarterly, yearly growth since Q3 2013
Rental indices for factories went up 2.1% quarter-on-quarter.
Rents for multiple-user factories went up 2.1% quarter-on-quarter and 3.7% year-on-year in the second quarter of 2022, the highest growth since the third quarter of 2013, property expert, Colliers, said.
“This could be attributed to the growing demand for high-specification multiple-user factories, as occupiers look for office grade industrial spaces near the city fringe,” read the statement.
Factory rents demand was also backed by continued growth in food, electronics, and precision engineering industries.
With strong government support and incentives, more firms are seen to establish manufacturing hubs in Singapore.
Sustained growth in manufacturing and wholesale trade sectors will underpin demand for factory space.