# Industrial rents inch up 0.5% in 2Q2026, reaching highest level since 1996

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-23T09:22:28.000Z
- **Author:** Ashley Lo
- **Original:** https://www.edgeprop.sg/property-news/industrial-rents-climb-05-2q2026-reaching-highest-level-1996
- **Topics:** Commercial & Industrial, Transactions & Deals, Regional Markets

## Featured rationale

Resilient occupier demand and limited new prime logistics supply may sustain rental premiums for modern, automation-ready facilities while increasing pressure on older assets.

## AI summary

Singapore industrial rents rose 0.5% quarter on quarter in 2Q2026 to their highest level since 2Q1996, completing 23 consecutive quarters of growth.

## Original article

Overall industrial rents rose 0.5% q-o-q in 2Q2026, extending the 0.4% increase recorded in 1Q2026, according to JTC statistics released on July 23.

The index hit its highest level since 2Q1996, capping 23 consecutive quarters of growth since the trough during the pandemic in 3Q2020. Since then, rents have climbed 27.2%.

“Despite caution arising from the Middle East conflict, occupier enquiries remained resilient,” says Tricia Song, CBRE head of research of Singapore and Southeast Asia.

Read also: Freehold strata-industrial project Generations @ Tannery fully sold within two days

Tridiana Ong, head of occupier strategy and solutions at Knight Frank, attributes the industrial property sector's resilience to ongoing global demand for AI-related products, which buoyed growth in both manufacturing and electronics.

The Purchasing Managers' Index (PMI) rose to 51.3 in June, extending its expansion streak to 11 consecutive months. Meanwhile, the electronics PMI outperformed the overall index at 52.2 during the same month.

Overview of price, rental, and occupancy rate movements in 2Q2026

Factory segments drive growth, business parks trail behind

Growth during the quarter was led by the single-user factory segment, which registered a 0.7% q-o-q in 2Q2026, easing from 1% in the previous quarter. Occupancy inched up by 0.1 percentage points to 89.3%.

Notable completions during the quarter included Advanced Substrate Technology’s AST Building and KLA-Tencor's facility at Ang Mo Kio Industrial Park 2.

Rents for multi-user factories followed closely behind, increasing by 0.6% q-o-q, up from 0.5% in 1Q2026. Occupancy for the segment edged up by 0.3 percentage points to 90.5%. The quarter’s sole completion was Space 18 — a six-storey, freehold food factory comprising 46 strata units and an industrial canteen.

Warehouse rents were also up 0.5% q-o-q during the quarter, while occupancy remained unchanged from 1Q2026 at 89.4%.

Read also: Robotics, automation and sandbox rental waivers to boost productivity and innovation in construction sector

Rents within the prime logistics segment were driven by ongoing high development costs and limited new supply, observes Catherine He, Colliers’ head of research.

"There are no new major prime logistics projects available for lease till 2027, although some space could come up from subletting at older projects as occupiers consolidate space — some third-party logistics players have been under pressure due to intense competition from in-house logistics players,” she adds.

In contrast, rents within the business park segment dropped slightly by 0.1% during the quarter, reversing from the 0.3% growth recorded in 1Q2026.

Still, occupancy at business parks accelerated to 77.9%, up from 76.7% in the previous quarter. According to Colliers’ He, this was attributed to excess space being absorbed as leasing demand was driven by technology and biomedical businesses.

Industrial property prices rise on sustained demand

Meanwhile, JTC's All Industrial Price Index continued to trend upward, rising 0.6% q-o-q and 3.8% y-o-y in 2Q2026.

CBRE's Song attributes the strong demand for industrial assets to a favourable interest rate environment. “While interest rates have risen from its trough of 1.02% in April 2026, they have remained low, offering investors of leasehold industrial assets stable income and positive carry amid geopolitical volatility,” she notes.

Read also: Generations @ Tannery: ‘Grade-A B1’ building redefining precinct's leather-making legacy

Multi-user factory prices inched up 0.4% q-o-q in 2Q2026, while single-user factory prices rose by 1.1% q-o-q, reversing from the 0.1% decline in the previous quarter.

Lee Sze Teck, senior director of data analytics at Huttons Asia, adds that end-users are increasingly turning their attention to upcoming industrial developments. Most recently, Generations @ Tannery — a redevelopment of City Industrial Building — sold out within two days of its launch on July 17.

Tightening supply pipeline to support rents

Supply is expected to ease, with about 4.4 million sq ft of new industrial space — equivalent to around 0.7% of total stock — scheduled for completion in 2H2026.

Single-user factories account for 53% of the pipeline, followed by warehouses (46.9%) and multi-user factories (0.1%).

Against this backdrop, CBRE's Song expects the prime logistics segment to record steady rental growth over the coming quarters, as occupancy rates continue to rise with occupiers taking up available space within existing stock to support expansion plans.

That said, Colliers' He cautions that rental growth is likely to become increasingly bifurcated as occupiers grow more cost-conscious and slower to commit.

Rather than being driven by broad-based demand, future rental upside is expected to come from the backfilling of vacancies at recently completed developments, the renewal of older leases signed at lower rents, and stronger take-up at newly redeveloped, higher-specification assets.

Moreover, the flight-to-quality trend is expected to intensify, with modern, automation-ready facilities likely to command rental premiums, while older industrial assets face mounting pressure to remain competitive, adds He.

Colliers projects the All Industrial Rental Index to record a moderate annual growth of 1% to 3% in 2026, while industrial prices are expected to rise by 3% to 5%.

## Chinese translation

> Translation model: grok

### 2026年第二季工业租金环比微升0.5%，创1996年以来最高水平

工业售价继续跑赢租金，2026年第二季环比上涨0.6%，同比上涨3.8%。

根据裕廊集团（JTC）于7月23日公布的数据，2026年第二季整体工业租金环比上升0.5%，延续第一季0.4%的涨幅。

该指数触及1996年第二季以来最高水平，并完成自疫情低谷（2020年第三季）以来连续23个季度的上涨。自那以来，租金累计攀升27.2%。

世邦魏理仕（CBRE）新加坡及东南亚研究主管宋翠珊（Tricia Song）表示：“尽管中东冲突带来谨慎情绪，租户询盘仍保持韧性。”

延伸阅读：永久地契分层工业项目Generations @ Tannery两日内售罄

莱坊（Knight Frank）租户策略与解决方案主管王翠莲（Tridiana Ong）认为，工业物业板块的韧性得益于全球对人工智能相关产品的持续需求，带动制造业与电子业增长。

6月采购经理人指数（PMI）升至51.3，扩张势头延续至连续第11个月。同期，电子业PMI为52.2，表现优于整体指数。

2026年第二季售价、租金与空置率变动概况

工厂板块领涨，商业园落后

本季增长由单用户工厂板块领跑，2026年第二季环比上升0.7%，较上季1%有所放缓。空置率微升0.1个百分点至89.3%。

本季较显著的竣工项目包括Advanced Substrate Technology的AST大厦，以及位于宏茂桥工业园2的KLA-Tencor厂房。

多用户工厂租金紧随其后，环比上涨0.6%，高于第一季的0.5%。该板块空置率上升0.3个百分点至90.5%。本季唯一竣工项目为Space 18——一座六层、永久地契的食品工厂，含46个分层单位及工业食堂。

仓库租金本季亦环比上涨0.5%，空置率维持第一季的89.4%不变。

延伸阅读：机器人、自动化与沙盒租金减免推动建筑业生产力与创新

高力国际（Colliers）研究主管何凯婷（Catherine He）指出，高端物流板块租金受持续高昂的开发成本与有限新增供应支撑。

她补充说：“在2027年之前，暂无大型高端物流项目可租；不过部分旧项目可能因租户整固空间而释出分租面积——部分第三方物流商正面临来自企业内部物流的激烈竞争压力。”

相比之下，商业园板块租金本季小幅回落0.1%，扭转了第一季0.3%的涨幅。

不过，商业园空置率加速改善至77.9%，高于上季的76.7%。高力国际的何凯婷表示，这归因于科技与生物医学企业的租赁需求消化了多余空置。

工业物业价格在持续需求下上升

与此同时，JTC整体工业价格指数继续上行，2026年第二季环比涨0.6%，同比涨3.8%。

CBRE的宋翠珊将工业资产的强劲需求归因于有利的利率环境。“虽然利率已从2026年4月1.02%的低点回升，但仍处于低位，为有地契工业资产投资者在地缘政治波动中提供了稳定收益与正息差，”她指出。

延伸阅读：Generations @ Tannery：“A级B1”大楼重塑片区制革传统

2026年第二季，多用户工厂价格环比微升0.4%，单用户工厂价格环比上涨1.1%，扭转了上季0.1%的跌幅。

豪登亚洲（Huttons Asia）数据分析高级董事李诗德（Lee Sze Teck）补充说，终端用户越来越关注即将推出的工业项目。最近，City Industrial Building重建项目Generations @ Tannery于7月17日开盘，两日内售罄。

供应收紧将支撑租金

供应预计放缓，2026年下半年约有440万平方英尺新工业空间竣工，约占存量的0.7%。

单用户工厂占供应管道的53%，其次是仓库（46.9%）与多用户工厂（0.1%）。

在此背景下，CBRE的宋翠珊预计未来数季高端物流板块租金将稳健增长，随着租户为支持扩张计划吸纳现有存量中的可用空间，空置率将继续上升。

不过，高力国际的何凯婷提醒，随着租户成本意识增强、决策趋缓，租金增长可能日益分化。

未来租金上行空间预计并非来自全面性需求，而是来自近期竣工项目空置回填、以较低租金签署的旧租约续约，以及重新开发、规格更高资产的更强吸纳。

她补充说，追求品质的趋势预计将加剧，现代化、可自动化的设施有望获得租金溢价，而较旧的工业资产则面临保持竞争力的更大压力。

高力国际预计，2026年整体工业租金指数将录得1%至3%的温和年增长，工业售价则有望上涨3%至5%。