Following up on last week's property outlook for Commercial, Residential and Retail, let us show some concern for their Industrial and Hospitality cousins.

Both prices and rental of industrial properties have been trending down since 2015.

Purchasing Managers' Index (PMI) is often used as a proxy for private sector demand. Given that Singapore's manufacturing PMI's declining trend predates that of industrial property prices, this declining industrial property trend should not surprise any keen observers.

The situation caused by declining demand was exacerbated by a supply glut in industrial space. The good news for investors is that supply is tapering off and the process of bottoming out should begin as soon as 2017. The bad news for investors is that with vacancy rates over 10%, it will take many quarters before the bottom is actually found.

Singapore's hospitality industry is further sub-split into ...