# Singapore industrial leasing volume down 4.6% to 3,119 deals in Q2

- **Source:** Real Estate Asia
- **Published:** 2026-08-24T23:07:52.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/industrial/news/singapore-industrial-leasing-volume-down-46-3119-deals-in-q2
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

Measured expansion and selective demand may widen the performance gap, supporting rents for modern logistics assets while pressuring larger, higher-specification factory space.

## AI summary

Singapore’s industrial leasing volume fell 4.6% year-on-year to 3,119 deals in Q2, although overall warehouse vacancy remained unchanged at 10.6%.

## Original article

The overall warehouse vacancy rate was unchanged at 10.6%.

Industrial leasing activity in Singapore continued to moderate in the second quarter, with transaction volume falling 4.6% year-on-year to 3,119 deals, as cautious business sentiment kept occupiers measured in their expansion plans, according to Savills.

Savills said softer demand was evident across most industrial asset classes, particularly single-user factories and warehouses. However, occupancy fundamentals remained resilient.

The single-user factory vacancy rate edged down to 10.7% from 10.8% in the first quarter, its lowest level in four years, despite new supply. Savills attributed the stability partly to the completion of VisionPower Semiconductor Manufacturing Company's fully owner-occupied Tampines campus.

Multiple-user factory vacancy also improved, falling to 9.5% from 9.8%, supported by steady occupier demand.

Warehouse demand softened across most regions, although net absorption of 446,000 sq ft in the West Region, likely supported by newer logistics facilities, offset weaker performance elsewhere. The overall warehouse vacancy rate consequently remained unchanged at 10.6%, highlighting occupiers' preference for modern logistics space over older stock, Savills said.

Rental performance remained positive but increasingly differentiated by asset quality. JTC's warehouse rental index rose 0.5% quarter-on-quarter in Q2, while Savills' basket of prime warehouse and logistics assets recorded stronger growth of 2.3% to S$1.88 per sq ft.

The multiple-user factory segment was more mixed. While JTC's rental index increased 0.6% quarter-on-quarter, Savills' prime multiple-user factory rents fell 1.4% to S$2.24 per sq ft, a two-year low.

Savills attributed the divergence to increasingly selective occupier demand. Tenants are prioritising efficiency and cost optimisation, resulting in softer demand for larger, higher-specification factory space and downward pressure on rents despite broadly stable occupancy.

## Chinese translation

> Translation model: grok_cli

### 新加坡工业租赁成交量在第二季度下降4.6%至3,119宗

新加坡工业租赁成交量在第二季度下降4.6%至3,119宗

整体仓库空置率维持在10.6%不变。

据Savills称，新加坡工业租赁活动在第二季度继续放缓，成交量同比下降4.6%至3,119宗，谨慎的商业情绪使租户在扩张计划上保持克制。

Savills表示，大多数工业资产类别需求疲软，尤其是单用户厂房和仓库。不过，出租基本面仍保持韧性。

尽管有新增供应，单用户厂房空置率仍由第一季度的10.8%微降至10.7%，为四年来最低水平。Savills将这一稳定部分归因于VisionPower Semiconductor Manufacturing Company位于淡滨尼、完全由业主自用的园区竣工。

多用户厂房空置率亦有改善，在稳定的租户需求支撑下由9.8%降至9.5%。

多数区域的仓库需求有所放缓，不过西区录得446,000平方英尺净吸纳量，可能受较新物流设施支撑，抵消了其他地区的疲弱表现。Savills称，整体仓库空置率因此维持在10.6%不变，凸显租户更偏好现代化物流空间而非较旧存量。

租金表现仍为正增长，但资产质量分化日益明显。JTC仓库租金指数在第二季度环比上升0.5%，而Savills追踪的优质仓库及物流资产组合则录得更强劲的2.3%增长，至每平方英尺1.88新元。

多用户厂房板块表现更为分化。JTC租金指数环比上升0.6%，但Savills优质多用户厂房租金下跌1.4%至每平方英尺2.24新元，为两年来低点。

Savills将这一分化归因于租户需求日益挑剔。租户正优先考虑效率与成本优化，导致对更大、规格更高厂房空间的需求走软，尽管占用率大体稳定，租金仍面临下行压力。