5.3 RENTS
Despite the rise in warehouse space supply in 2014, space availability remained tight as reflected by the high
average occupancy rate of 91.8% as of 4Q 2014. This lent support to warehouse rents which rose for the fifth
consecutive year in 2014.
Specifically, rental information sourced from URA’s REALIS, which is based on actual rental transactions, showed
the islandwide median gross monthly rent
19
for warehouse space (including single-user and multi-user warehouse
space) rose 2.6% YoY to S$2.00 per sq ft as of 4Q 2014, a slower pace of increase than the 5.4% YoY gain in 2013.
MEDIAN RENTS FOR WAREHOUSE SPACE
(As of 4Q 2014)
SINGAPORE INDUSTRIAL PROPERTY MARKET OVERVIEW
19 Median rents are dependent on the number of transactions that occur during the quarter. This in turn depends on factors such as the location and
age of the buildings as well as the type, floor level and size of the unit.
20 Due to the limitation on the type of sales caveat data/information recorded by the URA, analysis can only be carried out for multi-user warehouse space.
2004
2008
2006
2010
2012
2005
2009
2007
2011
2013 2014
4Q13 1Q14 2Q14 3Q14 4Q14
0.00
0.50
1.00
1.50
2.00
2.50
S$ per sq ft per month
Source: URA REALIS/Colliers International Singapore Research
The statistical range of rentals for islandwide warehouse space is provided in the following table.
Statistical Range of Monthly Rents of Islandwide Warehouse Space
Period
Minimum
(per sq ft)
25th Percentile
(per sq ft)
Median
(per sq ft)
75th Percentile
(per sq ft)
Maximum
(per sq ft)
4Q 2013
S$0.69
S$1.59
S$1.95
S$2.30
S$4.55
1Q 2014
S$0.80
S$1.60
S$1.95
S$2.30
S$3.83
2Q 2014
S$0.50
S$1.70
S$2.00
S$2.35
S$4.00
3Q 2014
S$0.90
S$1.69
S$1.97
S$2.32
S$4.00
4Q 2014
S$1.00
S$1.65
S$2.00
S$2.51
S$3.80
Source: URA REALIS/Colliers International Singapore Research
5.4 PRICES
Based on preliminary caveat records sourced from URA’s REALIS as of 2 February 2015, average prices of strata-
titled 30-year and 60-year leasehold multi-user
20
warehouse space fell by 9.2% YoY to S$455 per sq ft in 2014,
reversing the marginal 1.8% YoY increase in 2013. Similarly, the average prices of strata-titled freehold multi-user
warehouse space eased by 4.5% YoY to S$705 per sq ft in 2014.
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
94
