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Writer's pictureChia Damian

Quarterly Updates - Industrial Updates 2Q 2024

Let's take a look at the report by Huttons Data Analyst.


In 2Q 2024, Singapore’s economy performed better than expected.


The manufacturing sector expanded by 0.5% year-on-year, reversing the previous quarter's negative YoY growth. This improvement supported demand for industrial space in 2Q 2024.


Demand for industrial space surged by 258,000 sq m, with the price index climbing 1.2%, driven by a 1.7% price increase in the multi-user segment. This is the strongest quarterly growth since 1Q 2023. Transactions of multi-user factories jumped to 516, up 42.1% from the previous quarter, with many purchases ranging between $1.0 million and $1.5 million.


The Singapore Purchasing Managers’ Index expanded in 2Q 2024, led by the electronics cluster, which is expected to drive manufacturing recovery in 2H 2024. If there is a cut in interest rate in the second half of 2024, the strata industrial market may get a boost in demand as the net return on investment will improve. Industrial space prices and rents may grow by 3% to 5% this year.


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