Industrial property rents, prices continue slide

Singapore

THE slide in Singapore industrial property rents and prices continued in the third quarter, with the pace of decline gathering pace though occupancy improved, latest figures from JTC Corp show.

The industrial land and infrastructure agency said the rise in occupancy was driven by an increase in demand for storage amid a delay in new completions.

However, some property consultants offered another explanation for the rise in occupancy despite continuing rental declines.

Christine Li, head of research for Singapore and South-east Asia at Cushman and Wakefield, said: "This could mean that landlords were prioritising increasing occupancy at the expense of rental rates."

The official prognosis for the sector sounds grim. Said JTC: "The rapidly evolving Covid-19 situation will continue to weigh on the indust…