Warehouse demand offsets factory slowdown in Q3

Stable supply, firm take-up sustain rental levels

Industrial rents in Singapore were largely unchanged in Q3 2025 as warehouse demand balanced slower leasing in factory segments, according to the latest ETC Digest by Realion (OrangeTee & ETC) Research.

The JTC all-industrial rental index rose 0.5% quarter-on-quarter (QoQ), easing from a 0.7% gain in the previous quarter. Industrial prices grew 0.6% QoQ, led by single-user factories, which recorded a 2.1% increase. Rents for multiple-user factories and business parks remained flat.

Overall occupancy in the industrial sector improved to 89.1%, up 0.3 percentage points from the previous quarter.

Warehouse occupancy climbed 0.8 points to 89.6%, reflecting about 1.2 million sq ft of net absorption, whilst business park occupancy inched up to 77% on steady leasing from technology tenants.

The quarter saw new completions, including CT FoodNex, a 0.2 million sq ft food factory in Mandai, and a 0.5 million sq ft logistics facility at Toh Guan Road East. The 2.3 million sq ft pipeline for Q4 2025—mostly single-user factories—is expected to keep vacancy rates stable through year-end.

The report also noted that warehouse leases are tracking a premium over legacy stock as occupiers shift into newer, better-located assets. With supply additions contained and leasing momentum steady, industrial rents are expected to remain broadly stable into early 2026.

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