Q1 2023 Singapore Industrial Report (Colliers) 14 August 2023
- In Q1 2023, the industrial rental and price indices continued their tenth consecutive quarter of growth. The rental index rose by 2.8% QOQ, accelerating from 2.1% QOQ in the previous quarter, and marking the strongest quarterly growth since Q3 2013. Similarly, industrial prices rose by 1.5% QOQ, slowing slightly from the 1.7% QOQ registered last quarter.
- With a remaining supply of 10.3 mil sq ft in 2023, and an average of 10.9 mil sq ft from present till 2025, higher supply will continue to moderate rental and price growth but may also provide more options for occupiers.
- Industrial indicators remain soft, with continuous contractions recorded in manufacturing output, NODX and PMI.
- Trade tensions have resulted in industry players looking to fortify supply chains, with some looking to set up shop in Singapore, which will continue to prop up industrial demand.
