Singapore industrial rents up 0.5% in Q3

Business parks were the only segment to record a slight decline, with rents dipping 0.2% QoQ.

Singapore’s industrial rents continued to edge upward in the third quarter of 2025, though growth is clearly moderating, according to JTC’s latest quarterly report.

The all-industrial rental index rose 0.5% QoQ to 112.1 (base: 2012 Q4 = 100), marking a slowdown from the 0.7% increase in Q2. On a year-on-year basis, rents were up 2.3%, whilst rental transaction volume fell 4% compared to the same period last year.

Among the different industrial property segments, warehouse rents led the growth, climbing 0.9% QoQ and 2.7% YoY—the strongest performance of any segment.

Single-user factories saw a 0.7% quarterly rise and 2.1% YoY increase, whilst multiple-user factories posted a more modest gain of 0.4% QoQ and 2.0% YoY.

Business parks were the only segment to record a slight decline, with rents dipping 0.2% QoQ, although they still posted a 2.3% increase from a year ago.

Looking ahead, JTC expects rental growth to continue moderating, citing a steady pipeline of new supply and stable occupancy levels.

About 200,000 square metres of industrial space is projected to be completed in 4Q 2025, followed by a further 1.2 million square metres in 2026. The report cautioned that whilst rents may remain stable, any major economic shock could still disrupt this trend.