Singapore REITs should no longer be treated as a single homogeneous income asset. Office, retail and industrial-logistics properties have different demand drivers and react differently to tenant behaviour and economic cycles.
Office assets depend on renewals and vacancy
For office REITs, the key question is whether central business district rents can hold up while companies reassess space requirements. Downsizing by tenants would pressure both occupancy and rental growth.
Industrial logistics still has structural demand
Industrial and logistics assets are supported by e-commerce, supply-chain reconfiguration and demand for modern warehouses, but new supply can still affect rental power.
