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QUARTERLY MARKET REPORT Industrial Properties

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QUARTERLY MARKET REPORT Industrial Properties QUARTERLY MARKET REPORT Industrial Properties Second Quarter 2021 SINGAPORE INDUSTRIAL PROPERTIES As at Second Quarter 2021 Stock & Occupancy mil sqm 50Available.5Stock 90.1% Business Park Occupancy Rate 2.2 Multiple-User Warehouse Factory 11.5 11.3 0.1%-pt Compared to Previous Qtr Single-User 25.5 Factory 0.7%-pt Compared to Previous Yr *Figures in chart are in mil sqm Rental Price 0.6% 0.3% 1.8% 1.6% Compared to Compared to Compared to Compared to Previous Qtr Previous Yr Previous Qtr Previous Yr Outlook on Upcoming Supply Expected Completion 1.2 mil sqm 1.4 mil sqm Multiple-User Single-User 2021 1.7 mil sqm Factory Factory mil sqm mil sqm 2022 0.1 0.6 1.6 mil sqm Business Park Warehouse EXECUTIVE SUMMARY 1 In 2Q 2021, occupancy rate for the overall industrial property market rose marginally by 0.1 percentage points compared to the previous quarter, and 0.7 percentage points compared to the previous year to 90.1%. While delays in completion continue to persist, new completions started to pick up in 2Q 2021, and the total available stock rose by 374,000 sqm compared to the previous quarter. This is the largest quarterly increase since 2017. Among the market segments, occupancy rate for multiple-user factory space rose by 0.7 percentage points compared to the previous quarter to 89.7% amid rising demand. In contrast, the occupancy rates for the business park and warehouse segments fell slightly by 0.3 and 0.1 percentage points as increases in supply outpaced new demand. 2 In line with the broad recovery of the economy, prices and rentals have continued to rebound. In 2Q 2021, price and rental indices of all industrial space rose by 1.8% and 0.6% respectively as compared to the previous quarter, and 1.6% and 0.3% compared to the previous year. 3 As at end June 2021, around 1.7 million sqm of new industrial space is expected to be completed in the second half of 2021. Of the upcoming supply, single-user factory space makes up about 46%, multiple-user factory space makes up 31%, while the remaining 22% comprises warehouse and business park space. 4 As the economy continues its recovery in 2021, the demand for industrial space is projected to increase. Any potential rise in occupancy may however be tempered by new completions and the increase in supply into the market. Prices and rentals of industrial spaces are likely to remain stable. JTC will continue to monitor the market closely and support the needs of industrialists. Overview of Price, Rental and Occupancy Rate movements for 2Q 2021 % Change 1Q 2021 2Q 2021 Over Over Previous Previous Quarter Year All Industrial 88.1 89.7 1.8 1.6 Price Multiple-User Factory 91.0 92.6 1.8 1.5 Single-User Factory 79.2 80.7 1.9 1.9 All Industrial 90.1 90.6 0.6 0.3 Multiple-User Factory 88.0 88.9 1.0 0.9 Rental Single-User Factory 95.7 95.8 0.1 0.1 Business Park 112.2 112.2 0.0 -0.8 Warehouse 84.1 84.3 0.2 -0.1 All Industrial 90.0% 90.1% 0.1 0.7 Multiple-User Factory 89.0% 89.7% 0.7 2.2 Occupancy Single-User Factory 90.9% 90.9% 0.0 -0.2 Rate1 Business Park 85.1% 84.8% -0.3 -0.4 Warehouse 89.8% 89.7% -0.1 1.4 Note: 1 The % change refers to absolute change over previous year/quarter. STOCK & OCCUPANCY As at the end of 2Q 2021, there was 50.5 million sqm of industrial space. In 2Q 2021, occupancy rate for the overall industrial property market rose marginally by 0.1 percentage points compared to the previous quarter, and 0.7 percentage points compared to the previous year to 90.1%. While 50.5 mil sqm 90.1% delays in completion continue to persist, new completions has started to Available Stock Occupancy Rate pick up in 2Q 2021, and the total available stock rose by 374,000 sqm compared to the previous quarter. This is the largest quarterly increase since Q-o-Q Y-o-Y 2017. Among the market segments, occupancy rate for multiple-user 0.1 0.7 factory space rose by 0.7 percentage points compared to the previous %-pt %-pt quarter to 89.7% amid rising demand. In contrast, the occupancy rates for the business park and warehouse segments fell slightly by 0.3 and 0.1 percentage points as increases in supply outpaced new demand. Change in Stock Occupancy (‘000 sqm) Rate (%) 800 92 600 90 400 88 200 86 0 -200 84 2016Q2 2016Q4 2017Q2 2017Q4 2018Q2 2018Q4 2019Q2 2019Q4 2020Q2 2020Q4 2021Q2 Change in Available Stock (LHS) Change in Occupied Stock (LHS) Occupancy Rate (RHS) Multiple-User Factory Single-User Factory 11.5 mil sqm* 25.5 mil sqm* 89.7 91.1 89.0 91.0 91.0 90.9 90.9 88.5 122 87.8 87.5 91 106 117 71 88 29 48 41 18 11 1 8 -3 2020Q2 2021Q2 2020Q2 -14 2021Q2 Business Park Warehouse 2.2 mil sqm* 11.3 mil sqm* 89.9 89.8 89.7 89.1 85.2 85.4 85.8 85.1 84.8 88.3 169 34 118 134 22 88 93 3 7 8 10 69 60 27 -1 7 7 -2 -8 -19 2020Q2 2021Q2 2020Q2 2021Q2 Change in Available Stock (‘000 sqm) Change in Occupied Stock (‘000 sqm) Occupancy Rate (%) * Available Stock Note: The figures for industrial stock are in terms of net floor area. RENTAL Q-o-Q Y-o-Y In line with the broad recovery of the economy, rentals of industrial space continued to rebound. In 2Q 2021, the rental index of all 0.6% 0.3% industrial space rose by 0.6% compared to the previous quarter, and 0.3% compared to the previous year. Rental Index (Private Industrial Space) 2012Q4=100 120 100 90.3 89.5 89.6 90.1 90.6 80 60 2016Q2 2017Q2 2018Q2 2019Q2 2020Q2 2021Q2 Multiple-User Factory Single-User Factory Q-o-Q Y-o-Y Q-o-Q Y-o-Y 1.0% 0.9% 0.1% 0.1% 2020Q2 2020Q2 88.9 95.7 95.5 95.7 95.8 88.1 87.1 87.3 88.0 95.0 2021Q2 2021Q2 Business Park Warehouse Q-o-Q Y-o-Y Q-o-Q Y-o-Y 0.8% 0.1% 0.0% 0.2% 2020Q2 2020Q2 113.1 112.0 112.1 112.2 112.2 84.4 84.1 84.3 83.5 83.7 2021Q2 2021Q2 Rental Index (Private Industrial Space) PRICE Q-o-Q Y-o-Y Prices of industrial space also continued to rebound. In 2Q 2021, the price index of all industrial space rose by 1.8% compared to the previous quarter, and 1.6% compared to the previous year. Transaction volume of 1.8% 1.6% industrial properties, estimated based on caveats lodged for industrial properties, tripled compared to the previous year. This could be attributed to improving market sentiments, as well as the low base effect following the Circuit Breaker period in 2Q 2020. Price Index 2012Q4=100 120 100 88.1 89.7 88.3 86.4 87.3 80 60 2016Q2 2017Q2 2018Q2 2019Q2 2020Q2 2021Q2 Number of Caveats Lodged 400 379 358 320 305 300 200 112 100 0 2018Q2 2019Q2 2020Q2 2021Q2 Multiple-User Factory Single-User Factory Q-o-Q Y-o-Y Q-o-Q Y-o-Y 1.8% 1.5% 1.9% 1.9% 2020Q2 2020Q2 92.6 91.2 80.7 90.2 91.0 89.2 79.2 79.2 78.3 77.7 2021Q2 2021Q2 Price Index INDUSTRIAL GOVERNMENT LAND SALES In 2Q 2021, the tenders for two Industrial Government Land Sales (IGLS) sites targeted for single-user- development closed. The site at Tampines North Drive 5 received no bids, while the site at Gul Avenue received 2 bids. RECEIVED 2 BIDS* NOT AWARDED Plot D, Gul Avenue Plot 10, Tampines • Land area of 0.58 ha North Drive 5 • Received 2 bids • Land area of 0.5 ha • Highest bid $425 psm ppr • Received no bids An overview of the past successful tender prices for IGLS sites targeted at single-user developments is shown below. Successful Tender Price ($ psm ppr) 600 2019Q3 2019Q4 2020Q1 2020Q3 2020Q4 2021Q2 (3) (2) (4) (2)* 400 (1) (1) (1) 200 0 Aug Dec Feb Feb Jul Oct Jun 2019 2019 2020 2020 2020 2020 2021 Tuas Jalan Papan/Gul Circle/Gul Avenue Note: * Assessment of the award of the tender for the IGLS site at Plot D, Gul Avenue is still in progress when the report is released on 22 July 2021. 1) Figures are shown by tender closing month. Number in bracket refers to the number of bids. 2) There was no successful tender in 2Q 2020 and 1Q 2021. ALLOCATION OF JTC’S READY-BUILT FACILITIES [RBF] In 2Q 2021, JTC allocated a total of 103,100 sqm of RBF space to industrialists, which included 66,900 sqm of high-rise space and 23,700 sqm of land-based factory space. Total RBF returns in 2Q 2021 was 44,500 sqm, of which 30,200 sqm was high-rise space and 8,600 sqm was land-based factory space. About 52% of the total returns were due to natural expiries or companies consolidating their operations.
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