Singapore's industrial property sector is facing a surge in supply just as manufacturing and trade are slumping.
Industrial property prices in the city-state fell at their steepest pace in over two years in the fourth quarter of 2015 and analysts are pointing to further weakness ahead.
"Supply is coming up very strongly," Toh Shaowei, director for research and strategy for global real estate at UBS Asset Management, said earlier this week.
That's partly a side-effect of the government stepping in over the past few years to cool the residential property sector, he said.
"When the residential segment was hit by cooling measures, I think a lot of investors moved in to the logistics sector. So there's some build up in terms of supply that has come on stream and will continue to come on stream," he said, estimating around 17 million square feet of supply will hit the market in the next four years.