Singapore warehouse rents to breach 5% growth this year

High quality storage spaces are expected to be in demand.

According to a report from Knight Frank, although Singapore’s industrial real estate sector was quiet in Q1 2024, the return to growth in the manufacturing sector will underpin its stability, a stability that is important to globally linked producers. 

Key industrial indicators such as prices, rents and occupancy levels are anticipated to remain relatively stable across the various industrial property types for the rest of the year. 

Here’s more from Knight Frank:

Economic indicators of GDP, manufacturing output and PMI showed positive returns, signalling a more optimistic outlook for the remaining three quarters of 2024 despite challenges and global tensions. International firms continue to view Singapore to be a suitable place to enter and/or expand their operations due to a quality workforce and proximity to the Southeast Asian market. 

Overall factory rental and price growth for 2024 is expected to grow by 3% to 5%, with a more optimistic increase of above 5% for warehouses as demand for high quality storage spaces is expected to remain strong.