, Singapore
Photo by Tham Yuan Yuan from Pixabay

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.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!