Singapore. According to Savills research, there will be an expected limited supply of warehouse space after 2024, and this is expected to put upward pressure on warehouse rents.
By 2023, rent for prime warehouses and logistics properties is expected to grow 2% to 5% year on year.
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The demand for industrial space, especially modern high-specification warehouses and industrial and business parks with great connectivity and amenities, is extremely high today.
Although it is expected to be supported by growth industries like precision engineering, food, logistics, and the biomedical sector, industrial sentiment may be slowed down by the decreasing global growth outlook and increased headwinds. This may affect the overall expansion plans of industrialists.
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