Overall prices for industrial property up 2.4% in Q3: report

It has an average price of $444 per square foot.

The overall prices of industrial properties went up to an average price of $444 per square foot in the third quarter of 2022, which is up 2.4% compared to the previous quarter, including increased FAI.

According to Knight Frank, industrial sales totalled $773.1m in the third quarter, which eased by 12.2% quarter-on-quarter and 5% year-on-year.

Based on the sales, the Geylang and Woodlands Planning Areas were sought-after locations with 49 with $72.5m and 47 with $42.5m factory units sold in the quarter. Majority of these are multiple-user factories.

Whilst the overall demand for industrial space went down, the improving construction and transport sectors driving output expansions in certain manufacturing clusters propped up sales activity in the third quarter.