/ 5 4
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
4.4
Rental Trends
Lackluster manufacturing sector, arising from falling domestic and export orders, coupled with weaker occupancy
in multiple-user factory led to a rental decline in 2015. Median monthly gross rent was down by 4.0% from the
$1.986
5
per sq ft in Q4 2014 to $1.90 per sq ft in Q4 2015 (Figure 4.3).
Figure 4.3: Median Gross Rent (Private Multiple-user Factory)
SINGAPORE INDUSTRIAL PROPERTY MARKET OVERVIEW
$ per sq ft
per month
2.5
2.0
1.5
1.0
0.5
0
Q1 2005
Q1 2009
Q1 2007
Q1 2011
Q4 2013
Q1 2006
Q1 2010
Q1 2008
Q1 2012
Q4 2014
Q3 2005
Q3 2009
Q3 2007
Q3 2011
Q2 2014
Q3 2006
Q3 2010
Q2 2013
Q3 2008
Q3 2012
Q2 2015
Q2 2005
Q2 2009
Q2 2007
Q2 2011
Q1 2014
Q2 2006
Q2 2010
Q1 2013
Q2 2008
Q2 2012
Q1 2015
Q4 2005
Q4 2009
Q4 2007
Q4 2011
Q3 2014
Q4 2015
Q4 2006
Q4 2010
Q3 2013
Q4 2008
Q4 2012
Q3 2015
Source: URA, DTZ Consulting & Research, February 2016.
Note: Data is based on caveats lodged.
Source: URA, DTZ Consulting & Research, February 2016.
Note: Data is based on caveats lodged.
5 All currencies in this report are in SGD, unless stated otherwise.
$ per sq ft
900
800
700
600
500
400
300
200
100
0
Q1 2005
Q1 2009
Q1 2007
Q1 2011
Q4 2013
Q1 2006
Q1 2010
Q1 2008
Q1 2012
Q4 2014
Q3 2005
Q3 2009
Q3 2007
Q3 2011
Q2 2014
Q3 2006
Q3 2010
Q2 2013
Q3 2008
Q3 2012
Q2 2015
Q2 2005
Q2 2009
Q2 2007
Q2 2011
Q1 2014
Q2 2006
Q2 2010
Q1 2013
Q2 2008
Q2 2012
Q1 2015
Q4 2005
Q4 2009
Q4 2007
Q4 2011
Q3 2014
Q4 2015
Q4 2006
Q4 2010
Q3 2013
Q4 2008
Q4 2012
Q3 2015
Average Annual Supply (2005 to 2014): 9.7 million sq ft
Average Annual Demand (2005 to 2014): 8.7 million sq ft
Freehold and 999 years
30 years and 60 years
4.5
Price Trends
As at 19 January 2016, caveats lodged with the URA showed that median price for freehold and 999 years
multiple-user factories declined from $747 per sq ft in Q4 2014 to $695 per sq ft in Q4 2015. Compared with
the previous peak of $852 per sq ft in Q1 2013, median prices as at Q4 2015 were about 18% lower. Meanwhile,
median prices for 30 and 60 years largely stabilised at $400 per sq ft in the first three quarters of 2015, before
increasing to $431 per sq ft in Q4 2015 (Figure 4.4).
Figure 4.4: Median Prices of Multiple-user Factory
