2019-10-23_DTZ戴德梁行_SINGAPORE_INDUSTRIAL-SEPTEMBER_2019_MARKETBEAT_2页_342kb

报告摘要

Singapore Industrial Market Summary - September 2019

Core Content

This document provides an overview of the Singapore industrial market in September 2019, highlighting key trends in economic performance, foreign investment, leasing demand, and industrial rents. It also includes details on major industrial projects and economic indicators.

Main Highlights

Economic Performance

Overall Economic Growth: Singapore's overall economic growth dropped to 0.1% y-o-y in 2Q2019.
Manufacturing Sector: The manufacturing sector continued to contract at -3.1% y-o-y.
PMI Decline: The September manufacturing PMI fell to 49.5, the lowest in three years.
Export Decline: Exports declined further, with the NODX falling by 8.9% y-o-y in August.
Recession Risk: Economists are concerned that the weak manufacturing performance may lead to a technical recession in the third quarter.

Foreign Investment

Linde's Investment: Linde, a global industrial gases and manufacturing company, launched a $1.4 billion integrated manufacturing complex, expected to be completed by 2023, which will quadruple its hydrogen and synthetic gas production capacity.
Syntellex's Expansion: Syntellex, a German orthopedic implant manufacturer, opened its first overseas production facility in Singapore, with projected investment reaching $200 million by 2024, driven by the growth of the medtech segment.

Leasing Demand

ESR-REIT and P-Way Construction: ESR-REIT secured a major tenant, P-Way Construction and Engineering, who will occupy 169,000 sf at 8 Tuas South Lane.
UL International's Move: UL International, a global safety science company, shifted its international headquarters to Singapore, expanding its premises at Solaris in one-north and adding capabilities to its laboratory at Kian Teck Lane.

Industrial Rents (as of 20 September 2019)

Segment	Effective Rent (S$/SF/MO)	Effective Rent (US$/SF/MO)	Effective Rent (EUR/SF/MO)	Q-O-Q Change	12-Month Outlook
Business Park (City Fringe)	S$6.01	US$4.37	€3.97	0.3%	■
Business Park (Outlying Areas)	S$4.32	US$3.14	€2.85	0.0%	■
Science Park	S$4.00	US$2.91	€2.64	0.0%	■
High-Tech	S$2.76	US$2.01	€1.82	0.0%	▼
Factory	S$1.77	US$1.29	€1.17	0.0%	▼
Warehouse	S$1.84	US$1.34	€1.22	0.5%	▼

Exchange Rates:

US$/S$ = 1.376
€/S$ = 1.514

Major Industrial Projects

Property	Submarket	Major Tenant	SF	Completion Date
CleanTech Loop	CleanTech Park	-	572,000	2020
PBA Innovation Centre	CleanTech Park	PBA Group	242,000	2020
13 International Business Park	International Business Park	TÜV SÜD	162,000	2020
Wilmar International BTS	one-north	Wilmar International	152,000	2020
Razer HQ	one-north	Razer	177,000	2020
Grab HQ	one-north	Grab	387,000	2020
Surbana Jurong Campus	CleanTech Park	Surbana Jurong	631,000	2021

Key Information

The industrial market in Singapore faced a challenging environment due to the decline in manufacturing and exports.
Despite this, there were pockets of leasing demand, with notable tenants securing space in Business Park and one-north.
Foreign firms continued to invest in Singapore, indicating confidence in the market and long-term commitment.
Industrial rents remained relatively stable or slightly increased in some segments, but the High-Tech, Factory, and Warehouse segments showed a negative outlook for the next 12 months.
The Cushman & Wakefield Research provides insights into the market dynamics and trends, supporting the real estate services firm's role in the industry.