Rental volume transactions for factories, warehoused jumped to 1,369

Will this match last quarter's record?

According to Savills, rental volumes for factories and warehouses were high in July and August, with a total of 1,369 transactions.

For the third quarter as a whole, the number is expected to match last quarter’s all-time high of 1,981 transactions, as the global economy continues to recover, thereby leading to increasing activity for the manufacturing sector.

Here's more from Savills:

Tenancy renewals continue to dominate the rental market.

Despite the anticipated strong performance in leasing volumes, rental rates remained unchanged as completed stock is still aplenty.

Factory and warehouse rental rates held firm at S$2.00 per sq ft with hi-tech units maintaining at S$3.00 per sq ft.

AusGroup, a Singapore-listed firm, signed a sale-and-leaseback deal with Boustead Trustees Pte Ltd to sell its fabrication facilities at 36 Tuas Road for S$39.4 million, 11.7% below its reported valuation.

The lease to AusGroup will be up to May 2025 with an option to renew for five more years. It appears that AusGroup is hedging against possible rental rises in the long term.

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