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INDEPEnDENT MARKET STUDY
By Colliers international consultancy & valuation (singapore) pte ltd
According to URA’s statistics,
the median rent of multi-user
warehouses declined by 15.5% in
the first three quarters of 2009 and
held firm in 4Q 2009 at S$1.38 per
sq ft per month.
Market OUTLOOK AND
PROSPECTS
With global economic and
manufacturing sector prospects
looking bright, overall demand for
industrial space is expected to pick
up in 2010.
Net new DEMAND AND OCCUPANCY RATE OF WAREHOUSE SPACE
Net New Demand (‘000 sqm)
500
450
400
350
300
250
200
150
100
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source:
URA/Colliers International Singapore Research
Net New Demand (‘000 sqm) Occupancy Rate (%)
Occupancy Rate
94%
92%
90%
88%
86%
84%
82%
The uplift in sentiments was
reflected in the Survey of Business
Expectations of the Manufacturing
Sector for 1Q 2010 conducted
by the Economic Development
Board between December 2009
and January 2010. The survey
showed that business sentiments
in the manufacturing sector are
expected to continue improving
in 1H 2010, with a weighted 21% of
firms expecting business conditions
to improve and a weighted 7%
projecting deterioration. Overall,
a net weighted balance of 14% of
MEDIAN RENTS OF MULTI-USER WAREHOUSE SPACE
S$ per sq ft per mth
$1.80
$1.70
$1.60
$1.50
$1.40
$1.30
$1.20
$1.10
$1.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: URA/ Colliers International Singapore Research/ Urban Redevelopment Authority
80 Ascendas real estate investment trust