JTC Quarterly Market Report

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JTC Quarterly Market Report - Alliance Facilities Management Pte Ltd 

Alliance Facilities Management Pte Ltd is a premier professional consultancy firm based in Singapore, offering a comprehensive suite of services to clients in the industrial property sector. Catering primarily to multinational corporations and small and medium-sized enterprises looking to expand their operations in Singapore, our team of experienced professionals is dedicated to guiding OUR CLIENTS through the complex process of navigating various industry property requirements, applications and business plan justifications to the authorities for approval. With our wide range of services, industry knowledge, and customer-centric approach, we are committed to providing an exceptional experience and delivering the best outcomes for our clients. 

Quarterly JTC Industrial Properties Market Report - 1st Quarter 2017 to 4th Quarter 2023

Frequently Asked Questions (FAQs)

Question: What were the key insights from the JTC Industrial Report for 4Q 2023?

Answer: The JTC Industrial Report for the fourth quarter of 2023 highlighted several key trends in Singapore's industrial property market. Firstly, the overall occupancy rate saw a marginal increase to 89.0%, reflecting a stable demand, particularly in the multiple-user factory and warehouse segments. Despite this stability, there was a slight decline in occupancy rates compared to the previous year, attributed to strong new completions. Secondly, both prices and rentals for industrial spaces continued to rise, with significant growth compared to both the previous quarter and year. Additionally, the report forecasts a considerable amount of new industrial space coming onstream in 2024 and 2025, indicating a sustained strong demand amidst economic uncertainties.

Question: Can you elaborate on the occupancy rate and stock statistics for 4Q 2023?

Answer: At the end of the fourth quarter of 2023, the industrial property market in Singapore reported an overall occupancy rate of 89.0%. This represents a slight increase of 0.1 percentage points from the previous quarter, driven mainly by demand in the multiple-user factory and warehouse segments. However, compared to the same period last year, the occupancy rate has decreased by 0.4 percentage points. This period also saw a rise in the total available industrial space stock by 0.9 million sqm, surpassing the 0.6 million sqm increase in total occupied stock.

Question: What about the Rental and Price Trends in the Industrial Space for 4Q 2023?

Answer: The fourth quarter of 2023 saw a continued upward trend in both rentals and prices for industrial spaces. Specifically, the rental index for all industrial spaces increased by 1.7% compared to the previous quarter, and by 8.9% compared to the same period in the previous year. The multiple-user factory segment led this increase, with a 2.3% rise from the previous quarter and a 10.7% increase year-on-year. Similarly, the price index for industrial spaces rose by 0.6% from the previous quarter and by 5.1% compared to the previous year.

Question: Were there any Significant Industrial Government Land Sales (IGLS) Transactions for 4Q 2023?

Answer: Yes, the fourth quarter of 2023 saw significant activity in the Industrial Government Land Sales (IGLS) market. Notably, the tender for three IGLS sites targeted for single-user development closed during this period. The site at 11 Tuas Avenue 18 attracted two bids and was successfully awarded. However, the site at Tuas Bay Drive (Plot A) received no bids, and the site at Plot 3 Gambas Way, despite receiving a bid, was not awarded as the bid was below the reserve price. Additionally, a tender for an IGLS site aimed at multiple-user development also concluded, with the site at Plot 1 Tampines North Drive 4 receiving two bids and being successfully awarded.

 Question: How did JTC Allocate Their Ready-Built Facilities (RBF) in 4Q 2023?

Answer: In the fourth quarter of 2023, JTC allocated a total of 56,000 sqm of Ready-Built Facilities (RBF) space to industrialists. This allocation included 41,600 sqm of high-rise space and 11,500 sqm of land-based factory space. The quarter also saw a return of 48,400 sqm of RBF space, predominantly due to natural expiries or companies consolidating their operations, with land-based factory space accounting for 27,100 sqm and high-rise space for 15,600 sqm of the total returns.

Question: What is the forecast for the industrial space supply for 2024?

Answer: For 2024, an estimated 2.0 million sqm of new industrial space is expected to be completed, with single-user factory space constituting 57% of this supply. Warehouse space is projected to make up another 19%, while multiple-user factory and business park spaces are expected to account for 11% and 13%, respectively. Looking further ahead, an additional 1.1 million sqm of industrial space is anticipated to be completed in 2025 and 2026, maintaining a robust supply to meet the strong market demand.

Question: About the Transaction Volume of Industrial Properties from JTC's Industrial Report for 4Q 2023.

Answer: The transaction volume of industrial properties, as gauged by caveats lodged, experienced a decline of 6% compared to the previous year. This decrease suggests a slight cooling in the transaction activity despite the overall positive.

JTC Industrial Market Report 2023

JTC Industrial Market Report 2022

JTC Industrial Market Report 2021

JTC Industrial Market Report 2020

JTC Industrial Market Report 2019

JTC Industrial Market Report 2018

JTC Industrial Market Report 2017

JTC Industrial Property – Market Research Reports

The Information Listed Above Is To Be Used As A Reference Only.

The information listed above is to be used as a reference resource for your personal consumption only. It is not intended to be and does not constitute financial advice, investment advice or any other advice, All applications are subject to final approval by JTC at JTC's discretion (including any terms and conditions that JTC may in its discretion impose with such final approval). While every endeavour has been made to ensure that the information provided herein is correct, ALLIANCE FACILITIES MANAGEMENT PTE LTD disclaims liability for any damage or loss that may be caused as a result of any error or omission.

Our Key Services Include:

Our key services include:

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