Back in 2012 and 2013, I was holding on to a number of industrial REITs such as Sabana, Cache Logistics Trust and Soilbuild. I had then exited industrial REITs as I noticed that there was an upcoming avalanche of industrial space and the rental psf for these space were dropping fast due to oversupply as well as deterioration in macro-economic conditions. For example, Tampines logistics hub of a few million sqft TOP with many big boys such as DHL, Schenker, Kerry Logistics, and Sing Post E-commerce taking up space there. In 2012, a warehousing facility for rent in western Singapore was going for S$1.56 psf for 3-5 years long term lease. In 2017, the rental rates for logistics space for a similar property dropped to S$1.26 psf. I am actually surprised that for early 2019, the rates on offer by many of the REITs landlord have continued their decline to S$1.10 psf and there...