{"id":8936,"date":"2020-08-06T11:53:52","date_gmt":"2020-08-06T04:53:52","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=8936"},"modified":"2021-06-04T15:06:55","modified_gmt":"2021-06-04T08:06:55","slug":"2q20-increase-in-demand-for-singaporean-warehouses","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/2q20-increase-in-demand-for-singaporean-warehouses\/","title":{"rendered":"Demand for warehouses in Singapore stockpiled in the second quarter of 2020"},"content":{"rendered":"

Primarily fueled by the need to cater to food, consumer items and medical supplies<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
An elevated view of stored goods in a large distribution warehouse. MonkeyBusinessImages\/Shutterstock<\/figcaption><\/figure>\n

T<\/span>he industrial property prices and rents in Singapore\u00a0<\/span>respectively\u00a0<\/span>dropped at a swift pace of<\/span> 1.1<\/span>\u00a0and\u00a00.7 percent<\/span>\u00a0quarter-on-quarter in the second quarter of 2020<\/span>, reported\u00a0<\/span>JLL Singapore<\/span><\/a>, citing the\u00a02Q20 industrial property market data published by\u00a0<\/span>government agency\u00a0<\/span>JTC<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

In the report, the agency mentioned that the said figures are regarded as the biggest drop in prices and rents since 2017. <\/span>These overall downturns occurred in spite of the 0.2 percentage quarter-on-quarter increase <\/span>in the city-state’s industrial property occupancy\u00a0<\/span>rate\u00a0<\/span>to 89.4 percent in the second quarter of the year.<\/span>\u00a0<\/span><\/p>\n

The slight boost in occupancy\u00a0<\/span>rate is due to the fact that there weren\u2019t a lot of completed properties\u00a0<\/span>since<\/span>\u00a0the\u00a0<\/span>Circuit Breaker measure<\/span>\u00a0and<\/span>\u00a0<\/span>the<\/span>\u00a0COVID-19 outbreak in<\/span>\u00a0<\/span>dormitories of foreign workers<\/span>\u00a0<\/span>caused\u00a0disruption in construction activities,<\/span>\u00a0along with<\/span>\u00a0<\/span>the greater net absorptions<\/span>\u00a0<\/span>from warehouse segments and single-user factories<\/span>.<\/span>\u00a0<\/span><\/p>\n

More: Pandemic raises concerns over office investments, prompts switch to warehouses<\/a><\/strong><\/p>\n

The demand for warehouse spaces in the second quarter of the year grew, supported by short-term leasing <\/span>requirements and renewals to cater to\u00a0<\/span>food, medical supplies and consumer items from\u00a0<\/span>e-retailers and other businesses,\u00a0<\/span>as social distancing measures and safety conce<\/span>rns incited a rise in stockpiling needs and e-commerce activities.<\/span>\u00a0<\/span><\/p>\n

As for business park spaces, the report indicated that the leasing enquiries tapered off during the second quarter.\u00a0<\/span>\u00a0<\/span><\/p>\n

In the next quarters, most <\/span>businesses will stay rent sensitive during the deep economic recession and <\/span>will\u00a0<\/span>remain watchful of their space requirements as macroeconomic headwinds continue<\/span>.\u00a0<\/span>Nevertheless, the need to stockpile will continue to fuel warehouse demand in the midst of\u00a0<\/span>new waves of COVID-19 infection and repeated lockdowns.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cAs such, we expect both rents and prices to continue to trend down across all industrial property types in the next six months,\u201d concluded the report.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Primarily fueled by the need to cater to food, consumer items and medical supplies\u00a0<\/p>\n","protected":false},"author":9,"featured_media":20678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[309,110,908],"class_list":["post-8936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-industrial","tag-singapore","tag-warehouse","news_country-singapore","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nDemand for warehouses in Singapore stockpiled in the second quarter of 2020 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/2q20-increase-in-demand-for-singaporean-warehouses\/\" 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