Industrial sales value drop 4.4% YoY to $3.6b in 2023

Notable transactions in 2023 include the sale of Jardine C&C Regional HQ for $142m.

Total industrial sales in 2023 fell 4.4% to $3.6b from $3.8b in 2022, data from Knight Frank showed.

The notable transactions in 2023 included the sale of Jardine C&C Regional HQ and Mercedes-Benz Centre for $142.0m and S$131.0m, respectively, to M&G Real Estate in February.

Meanwhile, rental transactions totalled 12,910, translating to a 2.7% YoY growth.

In 2024, Knight Frank expects an overall industrial rental and price growth of 3% to 5%.

"A more optimistic increase of 5% is likely for warehouses as demand remains intact for high-quality storage spaces amid tight occupancy levels," Knight Franks said.

The market outlook also remains positive as large international manufacturers that invested in new facilities or expansions are expected to begin operations.