Singapore industrial leasing dips 4.5% in Q3

After four years of continuous growth, 30-year leasehold prices slipped 0.3% to $354 per square foot.

Singapore’s industrial property market saw a slight pullback in activity in the third quarter of 2025, although overall leasing volumes held close to recent norms.

Total industrial leasing slipped 4.5% YoY to 3,061 tenancies, almost matching the three-year quarterly average of 3,065 deals.

Rents diverged across key segments. Prime warehouse and logistics space continued to outperform, rising 4.3% QoQ to $1.82 per square foot per month.

In contrast, prime multiple-user factory rents edged down 0.3% to $2.25 per square foot.

Sales of strata industrial units remained steady. The quarter registered 406 transactions, reflecting sustained interest in the segment.

Price trends varied by tenure. Freehold industrial prices rose 0.8% QoQ to $856 per square foot, though this was slower than the 2.3% increase recorded in the previous quarter.

After four years of continuous growth, 30-year leasehold prices slipped 0.3% to $354 per square foot, whilst 60-year leasehold prices declined 0.8% to $552 per square foot.

Business park and high-specification industrial rents weakened. Prime business park rents fell 1.6% QoQ to $6.29 per square foot, ending a three-quarter growth streak.

Standard business park rents were unchanged at $4.13 per square foot. High-spec industrial rents fell 1.0% to $3.94 per square foot after a brief rebound in the second quarter.

Looking ahead, Savills expects modest rental gains in 2025. The firm projects that factory rents for multiple users will rise between 0% and 3%, and warehouse and logistics rents will grow between 0% and 5%.

Based on the JTC rental index, the ranges narrow to 0–2% and 0–1% respectively.

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