JTC 2026Q1 Market Report - Details

Executive Summary

Following on from yesterday’s infographic on JTC Industrial statistics, here are some more thoughts/summary from the full 2026 Q2 Quarterly Market Report:

1. Overall Stock and Occupancy Singapore’s total available industrial stock stood at 54.4 million square meters as of Q1 2026. The overall occupancy rate rose modestly by 0.2 percentage points (pp) quarter-on-quarter (q-o-q) to 88.9%. This quarterly uptick was led by multiple-user factories (+0.3 pp to 90.2%) and single-user factories (+0.4 pp to 89.2%)

Conversely, business parks and warehouses both saw a q-o-q decline of 0.4 pp (to 76.7% and 89.4% respectively). Compared to the same period in the previous year, the overall occupancy rate fell marginally by 0.1 pp.

2. Moderate Rental Growth The JTC rental index for all industrial space rose by 0.4% q-o-q and 2.3% year-on-year (y-o-y). All property segments recorded positive quarterly rental growth: single-user factories grew by 1.0% q-o-q, multiple-user factories by 0.5% q-o-q, business parks by 0.3% q-o-q, and warehouses by 0.2% q-o-q.

Despite this moderate growth, the overall rental transaction volume fell by 1.5% y-o-y.

Flag: Rising rent growth with falling transaction volumes may form some headwinds going into the next couple of quarters. The effects of the US-Isreal-Iran conflict and global economic headwinds are not in the numbers yet.

3. Pricing Trends and Transactions The price index for all industrial properties increased by 1.2% q-o-q and 4.6% y-o-y. This quarterly increase was primarily driven by multiple-user factories, which saw prices rise by 1.7% q-o-q.

On the other hand, the single-user factory price index registered a marginal decline of 0.1% q-o-q.

Overall industrial property transaction volume (based on caveats lodged) fell by 3% y-o-y.

4. Upcoming Supply Pipeline As of end-March 2026, about 0.7 million square meters of new industrial space is projected to be completed in the remaining three quarters of 2026.

Single-user factory space represents the vast majority of this upcoming supply at 61%. Warehouse space constitutes 30%, multiple-user factory space accounts for 6%, and business park space makes up the remaining 3% of the supply.

5. RBF Allocations and Land Sales JTC allocated a gross total of 101,000 square meters of Ready-Built Facilities (RBF) in Q1 2026 (including 57,900 sqm of high-rise space and 39,000 sqm of land-based factory space), while 62,500 square meters of RBF space was returned .

In the Industrial Government Land Sales (IGLS) market, the tender for a multiple-user site at Kaki Bukit Avenue 5 was awarded after receiving 5 bids, with the top bid coming in at $3,426 psm ppr. In contrast, the tender for a single-user site at Pandan Road received no bids.

Date Source: https://stats.jtc.gov.sg/content/static/Documents/JTC%20Quarterly%20Market%20Report%202026Q1.pdf