# Singapore industrial property prices up 4.2% y-o-y in third quarter; JTC notes 'good pipeline supply' of new space

- **Source:** EdgeProp Singapore
- **Published:** 2026-10-22T07:43:58.000Z
- **Author:** Fiona Lam
- **Original:** https://www.edgeprop.sg/property-news/singapore-industrial-property-prices-42-y-o-y-third-quarter-jtc-notes-good-pipeline-supply-new-space
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

Steady demand and investor interest may support further price growth, although upcoming supply and occupier cost pressures could moderate rents and expansion activity.

## AI summary

Singapore’s all-industrial property price index rose 1.0% q-o-q and 4.2% y-o-y in 3Q2026, while transaction volume increased 8.1% y-o-y.

## Original article

The industrial property market in Singapore showed continued resilience with sustained growth in both prices and rents in 3Q2026, alongside a “good pipeline supply” of new space coming up, JTC said in its latest quarterly market report.

In the third quarter, the price index for all industrial space islandwide continued its upward momentum and increased at a slightly quicker pace of 1.0% q-o-q and 4.2% y-o-y amid steady demand and low interest rates.

This is a tad faster than the previous quarter’s price growth of 0.6% q-o-q and 3.8% q-o-q.

Specifically, multiple-user factory spaces saw prices gain 1.1% q-o-q and 5.3% y-o-y, surpassing that of single-user factories, which logged increases of 0.8% q-o-q and 1.5% y-o-y.

Read also: Pair of adjoining freehold industrial properties in Jalan Senang Food Zone for sale at $18 mil

Meanwhile, sale transaction volumes of all industrial properties were up by 8.1% y-o-y in the third quarter as compared to the year-ago period, going by caveats lodged.

Price index and number of transactions:

Tridiana Ong, head of occupier strategy and solutions at real estate consultancy Knight Frank Singapore, noted that total investment sales value climbed from an estimated $1.4 billion to about $2.0 billion, driven by a few large-ticket deals alongside sales from newly launched strata industrial developments.

In particular, although factories with remaining lease tenures of 30 years and below only saw a marginal increase in the number of transactions, their total sales value almost tripled from $360.7 million in the second quarter to $972.2 million.

“The increasing ticket sizes of some of these shorter-tenure factory assets, relative to the broader industrial market, underscored investor interest in industrial assets, particularly where value enhancement opportunities and competitive pricing can help offset leasehold constraints,” Ong said.

Another consultancy JLL foresees the JTC All Industrial Price Index to grow by about 3–4% for the full year.

This comes as “capital continues to seek shelter in safe havens like Singapore, driving further marginal yield compression”, said Chua Yang Liang, JLL’s head of research and consultancy for Southeast Asia.

Read also: Food factory along Tuas Avenue 12 on the market for $19 mil

Moderate rise in industrial rents, with warehouses leading the increase

In the leasing market, the rental index for all industrial space edged up by 0.5% q-o-q and 2.1% y-o-y — mostly in line with inflation.

Rental index and number of transactions:

This stable rental growth trend, mirroring that of the previous quarter, is supported by global demand for semiconductors on the back of continual investment into AI, according to Chua from JLL.

“Asia Pacific economies including Southeast Asia countries like Singapore and Malaysia are firmly plugged into this growth driver,” he added.

Among the market segments, warehouse rents led the increase, moving up by 1% q-o-q, double the 0.5% growth back in the prior quarter.

During the latest quarter, the only major warehouse completion was Zap Building at 3 Woodlands Industrial Park E7, according to Tricia Song, CBRE head of research, Singapore and Southeast Asia. She added that the occupancy rate for the warehouse segment inched up by 0.3 percentage point to 89.7%.

Meanwhile, rents of single-user factory space rose 0.7% q-o-q, similar to the pace in the second quarter. Amid several project completions, occupancy rate for the segment slipped by 0.2 percentage point to 89.1%.

Read also: Specialty chemicals manufacturing facility on Jurong Island up for sale by private treaty

A major single-user factory completion in 3Q2026 was Equinix’s SG6, a nine-storey data centre at 21 Jalan Tukang, CBRE highlighted. SG6 was awarded with 20 megawatts of power in 2023 under Singapore’s pilot Data Centre – Call for Application (DC-CFA) initiative to promote the development of sustainable data centres.

Another major completion in this segment was VisionPower Semiconductor Manufacturing Company’s (VSMC) facility at 2 Tampines Industrial Avenue 1 (its final phase of temporary occupation permit). VSMC is a joint venture between Taiwan's Vanguard International Semiconductor Corp and Dutch chipmaker NXP Semiconductors.

Over in the multi-user factory segment, rents inched up by 0.3% q-o-q in the third quarter of this year, moderating from the 0.6% seen in the quarter prior.

Occupancies of multi-user factories declined by 0.2 percentage point to 90.3%.

Song noted that the only major completion in the multi-user factory segment during the latest quarter was Tampines Connection at 2 Tampines North Drive 4, a 10-storey strata-titled building with 239 production units and two industrial canteens.

The quarterly increase in the number of leasing transactions for multi-user factories and warehouses was relatively measured.

That suggests that much of the demand stemmed from lease renewals and ongoing space requirements rather than expansionary moves, said Knight Frank’s Ong.

For business parks, rents kept steady even as the overall occupancy rate fell from 77.9% in the second quarter to 77.2% in the third quarter.

The JTC rental index for business parks stayed fairly stable with a 0.1% q-o-q uptick, after it had eased by 0.1% q-o-q in the previous quarter.

Business-park leasing activity grew 31.3% compared to the same quarter last year, rising from 80 contracts to 105.

“With office rents in the CBD remaining significantly higher and prime office supply constrained, business parks could offer possible space solutions, even though CBD locations remain favoured,” said Ong from Knight Frank.

Occupancies slip as users vacate older factories

The occupancy rate for all industrial space in Singapore eased slightly by 0.2 percentage point q-o-q in the third quarter to 88.9%.

JTC attributed the decrease to users vacating from older single-user and multi-user factories that have been earmarked for future redevelopment, as well as slower demand for suburban business parks.

On the other hand, the warehouse segment saw an increase of 0.3 percentage point in occupancy.

Changes in available stock, occupied stock and occupancy rate:

Chua of JLL pointed out that ongoing geopolitical tensions are weighing on occupier sentiment, with cost-cutting and space optimisation starting to impact overall occupancy levels.

That said, the underlying industrial demand remains firm. Singapore’s Purchasing Managers’ Index (PMI) increased slightly to 51.7 in September, from 51.5 in August, marking the 14th straight month of expansion above the 50-point threshold.

Companies that are rapidly expanding in pioneering industries “will increasingly be under pressure to consider other viable options like business parks or light industrial space as a cost-effective alternative to traditional CBD office locations”, said Ong from Knight Frank.

“This gradual broadening of occupier demand across locations and asset classes should enhance the market's overall resilience and support healthy leasing activity,” she continued.

Upcoming supply: single-user factories and warehouses

There remains a "good pipeline supply" of new industrial space, JTC noted on Oct 22.

Based on planning approvals as at end-September 2026, about 0.3 million sq m (about 3.23 million sq ft) of new industrial space is expected to be completed in the final quarter of this year.

Single-user factories account for 56.1% of 4Q2026 supply, followed by warehouses at 43.7% and multi-user factories at 0.2%.

In the prime logistics segment, future supply is set to moderate “significantly” in 2026 compared to last year, according to CBRE’s Song. Cogent’s Jurong Island Logistics Hub (JILH) Phase II will be the only such major completion expected by 4Q2026.

Song expects prime logistics rents to grow at a measured pace into 2027, given that landlords are prioritising occupancy over rental uplifts as occupiers focus on cost management amid inflationary pressures.

Between 2027 and 2030, an average annual supply of 1.2 million sq m of industrial space is expected to be completed. That is higher than the average of about 1 million sq m of new completions over the past three years, JTC said.

No business-park project is in the pipeline for the next few years. Song added: “More landlords are also exploring asset enhancement initiatives for business parks with dated specifications, which is likely to tighten supply further.”

In Knight Frank’s view, the industrial sector’s long-term prospects are positive, amid Singapore’s stable pro-business operating environment. This is even as growth is narrowing towards AI, advanced manufacturing and technology-driven industries.

Despite Singapore’s largely leasehold industrial landscape, investor and owner-occupier interest remains firm.

“Capital continues to be directed towards industrial assets, with buyers increasingly prioritising properties that benefit from resilient occupier demand, dependable cash flows and opportunities to enhance value, rather than focusing solely on tenure,” Ong said.

Chua of JLL expects the uncertainty as well as elevated energy and freight costs from tensions in the Middle East to prompt businesses to adopt leaner operational models and delay expansion plans until there is greater clarity.

Nonetheless, JLL anticipates firm demand for high-specification premises, supported by order backlogs in the semiconductor sector, although near-term rental growth may be constrained by cost pressures and global disruptions.

## Chinese translation

> Translation model: grok_cli

### 新加坡工业地产价格第三季度同比上升4.2%；JTC指出新空间“供应管道良好”

租金同比上升2.1%，大体与通胀相符。约0.3百万平方米新工业空间将于2026年第四季度竣工。

新加坡工业地产市场持续展现韧性，2026年第三季度价格与租金均保持增长，同时即将有“供应管道良好”的新空间入市。JTC在其最新季度市场报告中作此表述。

第三季度，全岛所有工业空间的价格指数延续上升势头，在需求稳定、利率处于低位的背景下，升幅略为加快，环比上升1.0%，同比上升4.2%。

这一涨幅略快于上一季度0.6%环比及3.8%环比的价格涨幅。

具体而言，多用户工厂空间价格环比上涨1.1%、同比上涨5.3%，超过单一用户工厂所录得的0.8%环比及1.5%同比涨幅。

另请阅读：位于Jalan Senang食品区、两幅相邻的永久地契工业物业以1,800万新元求售

与此同时，按已呈交的caveat计算，第三季度所有工业物业的销售成交量较一年前同期上升8.1%。

价格指数与成交宗数：

房地产咨询公司Knight Frank Singapore使用者策略与解决方案主管Tridiana Ong指出，总投资销售价值由估计的14亿新元升至约20亿新元，推动因素包括数宗大额交易，以及新推出分层工业项目的销售。

尤其是，尽管剩余地契年期为30年及以下的工厂成交宗数仅录得微幅增加，其总销售价值却几乎增至三倍，由第二季度的3.607亿新元升至9.722亿新元。

Ong表示：“相对于更广泛的工业市场，部分这些较短年期工厂资产的成交金额不断上升，凸显了投资者对工业资产的兴趣，尤其是在价值提升机会与具竞争力的定价有助于抵消租赁地契限制的情况下。”

另一家咨询公司JLL预计，JTC全工业价格指数全年将增长约3–4%。

JLL东南亚研究与咨询主管Chua Yang Liang表示，这是因为“资金持续在新加坡等避风港寻求庇护，推动收益率进一步边际收窄”。

另请阅读：位于Tuas Avenue 12沿线的食品工厂以1,900万新元挂牌出售

工业租金温和上升，仓库领涨

租赁市场方面，所有工业空间的租金指数环比微升0.5%、同比上升2.1%——大体与通胀相符。

租金指数与成交宗数：

据JLL的Chua称，这一稳定的租金增长趋势与上一季度相仿，其支撑来自人工智能持续投资背景下的全球半导体需求。

他补充说：“包括新加坡和马来西亚等东南亚国家在内的亚太经济体，已牢牢接入这一增长动力。”

在各市场板块中，仓库租金领涨，环比上升1%，为上一季度0.5%增幅的两倍。

据CBRE新加坡及东南亚研究主管Tricia Song称，最近一个季度唯一的主要仓库竣工项目，是位于3 Woodlands Industrial Park E7的Zap Building。她补充说，仓库板块的占用率微升0.3个百分点，至89.7%。

与此同时，单一用户工厂空间的租金环比上升0.7%，与第二季度的步伐相近。在数个项目竣工的情况下，该板块占用率下滑0.2个百分点，至89.1%。

另请阅读：裕廊岛特种化学品制造设施以私人协议方式求售

CBRE指出，2026年第三季度一项主要的单一用户工厂竣工项目是Equinix的SG6，即位于21 Jalan Tukang的一座九层数据中心。SG6于2023年在新加坡试点的“数据中心——申请征集”（Data Centre – Call for Application，DC-CFA）计划下获批20兆瓦电力，该计划旨在推动可持续数据中心的发展。

该板块另一项主要竣工项目，是VisionPower Semiconductor Manufacturing Company（VSMC）位于2 Tampines Industrial Avenue 1的设施（其临时占用准证的最后阶段）。VSMC是台湾Vanguard International Semiconductor Corp与荷兰芯片制造商NXP Semiconductors的合资企业。

多用户工厂板块方面，租金在今年第三季度环比微升0.3%，增幅较前一季度所见的0.6%有所放缓。

多用户工厂的占用率下降0.2个百分点，至90.3%。

Song指出，最近一个季度多用户工厂板块唯一的主要竣工项目，是位于2 Tampines North Drive 4的Tampines Connection，这是一座10层的分层地契大厦，设有239个生产单位及两间工业食堂。

多用户工厂与仓库的租赁成交宗数按季增幅相对温和。

Knight Frank的Ong表示，这表明大部分需求源于租约续签及持续的空间需要，而非扩张性举措。

商业园方面，尽管整体占用率由第二季度的77.9%降至第三季度的77.2%，租金仍保持稳定。

JTC商业园租金指数在上一季度环比回落0.1%之后，环比微升0.1%，保持相当稳定。

商业园租赁活动较去年同季增长31.3%，合约数量由80份增至105份。

Knight Frank的Ong表示：“鉴于中央商务区（CBD）办公租金仍显著较高，且优质办公供应受限，商业园或可提供可能的空间解决方案，尽管中央商务区地段仍然更受青睐。”

用户迁出旧工厂，占用率下滑

新加坡所有工业空间的占用率在第三季度环比微降0.2个百分点，至88.9%。

JTC将这一下降归因于用户从已被指定作未来重建的较旧单一用户工厂及多用户工厂迁出，以及郊区商业园需求放缓。

另一方面，仓库板块的占用率上升了0.3个百分点。

可用存量、已占用存量与占用率的变化：

JLL的Chua指出，持续的地缘政治紧张局势正在打压使用者情绪，削减成本与优化空间已开始影响整体占用水平。

尽管如此，基本工业需求依然稳固。新加坡采购经理指数（PMI）由8月的51.5微升至9月的51.7，标志着连续第14个月处于50点门槛以上的扩张区间。

Knight Frank的Ong表示，在先锋产业中快速扩张的公司“将日益承受压力，须考虑商业园或轻工业空间等其他可行选择，作为传统中央商务区办公地点以外具成本效益的替代方案”。

她接着说：“使用者需求在不同地点与资产类别之间逐步拓宽，应能增强市场的整体韧性，并支持健康的租赁活动。”

未来供应：单一用户工厂与仓库

JTC于10月22日指出，新工业空间仍有“良好的供应管道”。

根据截至2026年9月底的规划批准，预计今年最后一季度将有约0.3百万平方米（约3.23百万平方英尺）新工业空间竣工。

单一用户工厂占2026年第四季度供应的56.1%，其次是仓库占43.7%，多用户工厂占0.2%。

据CBRE的Song称，优质物流板块的未来供应在2026年相较去年将“显著”放缓。Cogent的裕廊岛物流枢纽（Jurong Island Logistics Hub，JILH）第二期，将是预期至2026年第四季度唯一的此类主要竣工项目。

Song预计，优质物流租金将以温和步伐增长至2027年，因为在通胀压力下使用者着重成本管理，业主正优先考虑占用率，而非租金上调。

2027年至2030年期间，预计平均每年将有1.2百万平方米工业空间竣工。JTC表示，这高于过去三年平均每年约1百万平方米的新竣工量。

未来数年的供应管道中没有商业园项目。Song补充说：“更多业主也在探讨对规格较旧的商业园开展资产提升计划，这可能会进一步收紧供应。”

Knight Frank认为，在新加坡稳定、亲商的经营环境下，工业领域的长期前景正面。即便增长正收窄至人工智能、先进制造及科技驱动型产业，亦是如此。

尽管新加坡的工业地产格局以租赁地契为主，投资者与自用业主的兴趣依然稳固。

Ong表示：“资金持续投向工业资产，买家日益优先考虑受惠于有韧性的使用者需求、可靠现金流以及价值提升机会的物业，而非仅仅关注地契年期。”

JLL的Chua预计，中东紧张局势带来的不确定性，以及高企的能源与货运成本，将促使企业采用更精简的运营模式，并推迟扩张计划，直至形势更为明朗。

尽管如此，JLL预计高规格物业的需求将保持稳固，支撑因素是半导体行业的订单积压，尽管短期租金增长可能受成本压力与全球干扰所制约。