Renting out B2 industrial space in Singapore: what to know before you sign a tenant

This page is for someone who already owns B2 (general and special industry) space in Singapore and wants to rent it out: a factory, a warehouse, or process space carrying B2's heavier use profile, on either a JTC lease or a private freehold, 999-year or private-60-year strata title. It is not the page for buying B2 space to occupy yourself, for B1 (clean, light industry) landlords, or for the tenant's side of the same deal — those live on their own pages, linked below. The single fact that decides almost everything on this page before any tax or borrowing question does: is your unit on a JTC lease, or privately held? A JTC lessee's right to sublet at all is conditional and capped; a private owner's is not. Get that distinction wrong and every other answer on this page changes with it.

The mechanics: how renting out B2 space actually works

Two structurally different landlords exist under the same B2 label. The first holds a JTC lease directly — most industrial land runs a 30-year or 60-year JTC term, a decaying asset from the day of purchase, not a renewing one, and JTC's own rules on who may sublet, to whom, and for how long, sit on top of everything else. The second owns a privately developed strata B2 unit, on freehold, 999-year or private-60-year land that never touched JTC's leasehold framework at all; renting that unit out runs on ordinary private-lease law, with URA's 60:40 use rule as the only structural constraint, not a landowner's consent.

On a JTC lease, subletting is not a right that comes with ownership — it is conditional and capped. A lessee must first fully occupy and use 100% of the unit's gross floor area for its own business before subletting any part of it is even permitted. After that, subletting to an unrelated business is capped at 30% of GFA and 3 years, or the remaining tenancy if shorter, and only during a temporary period of excess capacity; subletting to a related business, over 50% common ownership either way, sits outside that 30% cap but is still capped to the current lease term. Approval runs through JTC's Customer Service Portal, with a decision typically inside 7 working days; unapproved or late subletting can draw a penalty of up to 100% of the assessed sublet rent, or put the head lease itself at risk. Open land cannot be sublet at all, and subletting for office use only is barred — any office component in the sublet space must support the tenant's actual industrial operation.

Some JTC-leased B2 sites carry a further owner-occupier condition on top of that general rule: the buyer must occupy and use at least 70% of the floor for its own qualifying industrial activity, with the remaining 30% sublettable from the outset. Other JTC leases allow subletting from day one, subject to JTC's ordinary consent, with no prior occupation period at all — which condition applies is set by the specific lease, not by the B2 zoning. An owner-occupier who wants to convert into a full landlord, letting out more than the lease's own condition and the 30% cap allow, must notify JTC and get its consent before doing so; operating as a landlord past that limit without approval is reported as a lease breach, risking recovery of the unauthorised rental income, penalties, and difficulty later selling or renewing.

A privately held B2 unit carries none of this machinery. It can be sublet up to 100%, at any time, subject only to its MCST's ordinary rules if strata-titled and to URA's 60:40 use test on the tenant's actual activity — at least 60% of gross floor area on core industrial use, at most 40% on ancillary functions such as an office corner or a showroom. JTC and URA enforce that 60:40 line the same way regardless of who owns the unit: an inspection or complaint, a formal rectification notice, and, on a repeated or serious breach, penalties or lease termination with no compensation for the remaining term — the landlord bears that enforcement exposure for a tenant's breach whether or not the landlord caused it.

Finding a tenant runs through different channels depending on the structure. JTC's own Find Space portal lets a prospective tenant filter listed industrial space by location, industry type, minimum ceiling height, electrical loading and floor load, and JTC operates as direct landlord for much of what is listed there; a portion of JTC-linked space is instead let through a third-party facility provider, an anchor-tenant structure with its own 70% occupancy threshold, which is who a subtenant actually answers to rather than JTC itself. A private B2 landlord more commonly lists through a commercial agent, covered under the realtor economics section below.

Eligibility: who can actually be the landlord here

There is no citizenship, income or licensing test on being a B2 landlord as such. What gates it, on a JTC lease, is the occupation-first rule above: a passive investor who never occupied the unit cannot simply start subletting it, unless the specific lease was written with a subletting-from-the-outset condition. That is a lease-by-lease fact, not a zoning-wide rule, and it should be confirmed against the actual lease document before any letting plan is built around it.

Most B2 units end up held through a company rather than an individual, and that shapes eligibility on the financing side long before any letting question arises: banks are reported reluctant to lend to an individual buyer of industrial property at all, pushing real buyers toward a Singapore-incorporated company with an ACRA profile matching the unit's approved use. A Singapore company needs at least one director ordinarily resident here — a Citizen, PR, or an eligible pass holder — plus a qualified company secretary; incorporating also caps the shareholders' liability at what they put in, against a sole proprietor's unlimited personal exposure to the business's debts.

Citizenship status: SC, PR, foreigner, and the FTA nationals

Industrial and commercial property sits on Singapore Land Authority's no-approval list for foreign ownership, the same unrestricted category as a hotel and unlike a landed home: a foreigner, a foreign company, a Singapore Citizen and a Singapore PR all buy and hold B2 space to let out under the same rule, with no SLA approval step for any of them.

The FTA-parity question that dominates a residential purchase — US, Swiss, Liechtenstein, Norwegian and Icelandic nationals taxed as citizens for Additional Buyer's Stamp Duty — is moot here for the same reason it is moot on every industrial page on this site: ABSD does not reach industrial property for anyone, of any citizenship, regardless of how many other properties they already own. Name it once, and set it aside.

Citizenship resurfaces in two places that actually matter to a B2 landlord. On the way in, if the unit sits on JTC-allocated land bought directly rather than assigned on the secondary market, a foreign-owned company is reported to face additional scrutiny in JTC's own eligibility assessment, on top of the ordinary business-plan review every buyer faces. On the way the rent is taxed, once collecting: a non-resident individual landlord's Singapore rental income is taxed at a flat 24% and must be reported to IRAS regardless of residency, against a resident individual's ordinary progressive rates on the same income.

Taxes: what a B2 landlord actually pays

If you are financing or have recently financed the purchase you now let out, Buyer's Stamp Duty followed the non-residential schedule on the higher of price and value: 1% on the first S$180,000, 2% on the next S$180,000, 3% on the next S$640,000, 4% on the next S$500,000, and a flat 5% on everything above S$1.5 million — unlike residential BSD, which steps up to 6% above S$3 million, non-residential BSD has no such top band and stays at 5% no matter how high the price runs.

Additional Buyer's Stamp Duty does not apply at all — zero, for any buyer, any citizenship, any number of properties already owned — because ABSD under the Stamp Duties Act reaches residential property only. It is the largest single tax advantage a B2 purchase carries over a residential one, and it is available to a landlord-buyer exactly as it is to an owner-occupier.

Seller's Stamp Duty matters to a landlord who might sell within the holding window: industrial property carries its own SSD schedule, separate from the residential one and from the zero-SSD treatment of office, retail and commercial shophouse property — 15% in year 1, 10% in year 2, 5% in year 3, nil after a 3-year hold, for industrial property acquired on or after 12 January 2013, computed on the higher of price and market value and payable within 14 days.

Property tax is the one bill a landlord pays every year regardless of anything else: a flat 10% of Annual Value, with no owner-occupier concession and no relief for a vacant unit — the same non-residential rate this site's office, retail and shophouse pages carry, and it runs whether or not the unit is currently tenanted.

Rental income tax is where letting out non-residential property diverges most sharply from a residential landlord's position. An individual landlord deducts actual expenses only — IRAS's 15% deemed-expense shortcut, available to a tenanted residential property, does not extend to industrial or commercial property at all. What is deductible: mortgage interest, where the loan was actually taken to buy the let-out property; the agent's commission, advertising and legal cost of securing a tenant, for both a first tenant and every subsequent one, since Year of Assessment 2022; and, also from YA2022, repair, insurance, maintenance and property tax incurred while the unit sits vacant, provided reasonable efforts were made to find a new tenant during the void. A rental loss cannot be set off against other income; it can only be set off against rental gains from a different property in the same year. Records must be kept for 5 years. Held through a company instead, rental income is taxed as ordinary income at the 17% corporate rate, with property tax deductible against it before any dividend is paid out; held by a non-resident individual, the flat 24% rate above applies instead of the ordinary progressive scale.

GST is a real line item once turnover crosses the registration threshold: registration becomes compulsory at S$1 million of taxable turnover, and a GST-registered landlord must charge 9% on top of the rent, on the sale or lease of commercial and industrial property alike. A tenancy silent on GST is treated as GST-inclusive by default, and bundling in services such as cleaning or utilities pulls the whole arrangement, not just the base rent, into the taxable supply. The transfer-of-business relief that can exempt a sale from GST is unlikely to help a landlord who simply owns and lets a single B2 unit — that relief is built for transferring a going concern, not for one property changing hands or one lease being signed.

Stamp duty on the tenancy agreement itself is a cost every letting incurs, separate from every tax above: 0.4% of the total rent for a lease of 4 years or less, or 0.4% of four times the average annual rent for a lease running longer than 4 years or indefinitely, exempt where the average annual rent does not exceed S$1,000, computed on the higher of the contractual and market rent. The formula is identical whether the tenant is an individual or a company; only the administrative routing differs. By convention the tenant pays it, though the lease can assign it otherwise, and where the lease carries a renewal option the full expected term, including the renewal, sets the chargeable rent. An unstamped tenancy agreement generally cannot be used as evidence in court, and late stamping draws a penalty on top of the duty itself — so a landlord relying on the TA to enforce against a defaulting tenant has a direct stake in it being stamped, whoever paid for it.

Borrowing: if you're financing the purchase you intend to let out

CPF cannot fund any part of it. The housing-use rules CPF runs on cover residential property only, so a B2 purchase, downpayment through to every instalment, is cash whichever entity holds the unit.

There is no MAS-mandated loan-to-value ceiling on industrial property the way there is on a home; banks set their own limit, commonly reported at 60-80% for an individual buyer, depending on the borrower's profile, the property's remaining lease, and, on a JTC unit under roughly 30 years remaining, the tenure itself. An individual borrower is assessed on the ordinary Total Debt Servicing Ratio, the same 55% ceiling and MAS rate floor that applies to any property loan — MAS's own explainer states plainly that TDSR reaches non-residential property, industrial and commercial included, not just homes. A company borrower is assessed instead on Debt Service Coverage Ratio, commonly a 1.2-1.4x minimum, crediting up to 70% of gross monthly rent toward serviceable income once the unit is tenanted, and a genuine operating company sits outside TDSR altogether. That exemption is not a loophole an individual can create by incorporating a shell for the purchase alone: MAS looks through a sole proprietor or a company set up solely to buy one property, and applies TDSR to the individual behind it regardless. [⚠ industrial.finance.ltv_2026: sources differ; awaiting a ruling]

A worked DSCR example from a 2026 commercial guide: a S$1,500,000 unit at 65% LTV with S$7,000 monthly gross rent produces net operating income of S$67,200 a year after a 10% vacancy and 10% maintenance allowance, against annual debt service of about S$54,270 on a 25-year loan at 2.8% — a 1.24x DSCR, inside a typical 1.2x minimum but with little buffer to spare if the vacancy or maintenance assumption proves optimistic.

Reno, fit-out and what a landlord actually controls before handover

B2 space carries a heavier physical specification than B1's: floor loading commonly up to 15-20 kN per sq m, three-phase electrical supply, and units, especially bare-shell ones, frequently arrive without an electrical switchboard or false ceiling already fitted. Industrial fit-out generally runs roughly S$90 to S$200-plus per sq ft depending on power loading and the extent of mechanical and electrical work, and B2's heavier specification plausibly sits at or above the top of that range, though no source splits the figure by B1 versus B2 specifically.

A worked addition-and-alteration example: adding a 120 sq m mezzanine office floor with a fire-rated staircase and emergency exit to a Tuas South factory cost S$87,500 in total, about S$729 per sq m, clearing BCA approval in 31 working days and the full SCDF-certified fire exit in 18 weeks. A broader industrial A&A range runs S$80,000 to S$400,000 depending on structural complexity, of which a mezzanine sits toward the lower end. On the insurance side, the conventional split is that the landlord's own policy covers the building structure, landlord-installed fixtures and public liability for common areas, while the tenant insures its own fit-out, equipment, stock and operational liability — a split most commercial leases now enforce by making tenant property insurance a condition of signing.

Deposit and lease-term norms run by fit-out risk, not by a government-set floor: a standard B2 lease runs 1 to 3 years with a typical deposit of 2 to 3 months, longer for larger space, rising to 3 months even on a 2-year lease where the tenant's fit-out carries real reinstatement exposure — a food-processing configuration, custom ventilation, or heavy power infrastructure. Tenants in that heavier-risk band are commonly asked to carry S$1 million to S$2 million of public liability cover and S$100,000 to S$500,000 of property or industrial all-risks cover on top of the deposit.

On what rent to actually set: B2 rents vary sharply by estate, from as low as S$1.60-2.80 per sq ft a month in Tuas South and Tuas Link to S$2.20-3.50 psf in Jurong and up to S$3.00-3.50 psf in newer developments — location does most of the work, not the zoning label. Reported gross yield on B2 space runs 5-7%, a premium over B1's reported 4-6%, attributed to a thinner secondary market and a more specialised tenant base; one guide argues the achievable net yield on a comparable JTC-leasehold unit sits meaningfully below the headline gross figure once the occupancy and subletting constraints above are actually factored in, closer to office-yield territory than the gross number implies. That specific net-yield adjustment is sourced to B1, not confirmed independently for B2, and this page states that gap rather than borrowing the number across.

Conveyancing: executing and stamping the lease, and clearing JTC first if it applies

There is no government-set fee schedule for the legal work of drafting or vetting a commercial tenancy agreement; a lawyer's fee is negotiated directly, and commercial and industrial instructions commonly run higher than a comparable private-residential engagement with no published ceiling attached to either.

For a JTC-leased unit, the conveyancing step that actually gates the deal is not the tenancy agreement itself but JTC's prior written approval to sublet, applied for through its Customer Service Portal with supporting documents including the subtenant's ACRA profile and any NEA clearance its activity needs, typically decided within about 7 working days. Signing a lease with a tenant before that approval is in hand risks the lease being unwound on JTC's objection, on top of the penalty exposure already described above. Once the deal itself is cleared, the tenancy agreement is stamped through IRAS's e-Stamping system within 14 days of signing in Singapore, or 30 days if signed overseas, and either party can be the one to file it, though the tenant conventionally bears the cost.

If you refinance the unit while it is tenanted, mortgage duty applies at 0.4% of the loan amount, capped at S$500, the same mechanic that applies to any property loan.

Estate: what happens to a let-out B2 unit, or the company that holds it, when the landlord dies

Singapore has charged no estate duty on any death from 15 February 2008 onward, whatever the estate's size, and no stamp duty is payable on transferring a deceased's property to a beneficiary by way of assent — both apply to a B2 unit exactly as to any other asset. Because industrial property is not residential property under the Residential Property Act, its restriction on a foreign beneficiary inheriting residential property does not reach a B2 unit at all: a foreign heir can inherit it without the approval a foreign heir of a landed home would need.

On a JTC lease, there is a real, named gap here, not a settled rule. JTC's own tenancy-transfer materials address transferring a lease to a new buyer, and separately, transferring a tenancy for corporate restructuring — converting a business entity, moving to a related company, changing an ownership structure — but the page does not address what happens to the lease on the death of an individual lessee at all: no stated route for a transfer to an executor, administrator, or beneficiary of an estate. Treat that as unresolved rather than assumed. If a JTC lease sits inside an estate plan, confirm the succession route directly with JTC before relying on any assumption of continuity, and build that confirmation into a will rather than leave it for an executor to discover.

A privately held B2 unit carries no such gap; it passes through ordinary probate like any other freehold or 999-year asset. Where the unit is held through a company, the common structure for B2, it is the shares in that company, not the property itself, that form part of the deceased's estate — changing the probate mechanics and potentially triggering Additional Conveyance Duty on a later transfer of those shares. No source found this run addresses share succession for an industrial-property holding company in any more specific terms than ordinary company and probate law; confirm the company's own articles and any shareholders' agreement actually provide for it, rather than assume they do.

The voice: twelve questions about renting out B2 industrial space, in plain terms

Two questions sort a reader before the twelve do. First: are you borrowing to buy? Second: once you hold it, are you letting it out? This page assumes the answer to the second is yes — you already hold B2 space and rent, or plan to rent, it out. That puts you in one of two quadrants: cash-and-let-out, pure yield with no financing cost eating into it, or borrow-and-let-out, the spread play, where the whole game is whatever gap sits between the rent you collect and the interest you pay. Nobody rents out property believing the rent will fail to cover the cost, so that is not the question that actually separates a landlord who understands their own position from one who does not; the twelve questions below are.

C0. The play: balance sheet or cash flow?

Renting out B2 space is a cash-flow play from the day the first tenant signs, not a balance-sheet one — unlike an owner-occupier buying the same unit for its own operation, where the return shows up as avoided rent rather than a cheque. Every question below follows from that: the asset's value to you is what it throws off, month by month, against what it costs to hold, not what it might be worth on paper.

C1. Balance sheet: what you own and what you owe

On a JTC lease you own a wasting asset — a fixed remaining term, decaying every year, not the land itself. On a private strata unit you own a share of common property. Against that, you owe the bank whatever was borrowed to buy it, commonly up to 60-80% of price for an industrial loan, and CPF owes you nothing on the other side of that ledger, because none was ever drawn — it cannot be, for this asset class. [⚠ industrial.finance.ltv_2026: sources differ; awaiting a ruling]

C2. Cash flow: what actually moves, and when

In: rent, net of any agent's commission and the void periods described below. Out: the loan instalment if geared, property tax at a flat 10% of Annual Value with no relief for a vacant month, insurance, reinstatement cost between tenants, and, on a JTC lease, the lease payment itself. The funding gap opens at every void, and on B2 specifically the void tends to run longer than on B1, because fewer businesses hold the licences and process fit that a B2-configured space actually needs.

C3. Profit and loss: what it does to profit, which is not cash

Only the interest portion of a loan instalment is a deductible expense against rental income; principal repayment builds equity and never touches the profit-and-loss line at all. The agent's commission to secure a tenant, and repair or maintenance cost incurred during a genuine vacancy with reasonable re-letting effort, are both deductible from Year of Assessment 2022 onward — but a rental loss, once it exists, cannot be used to offset any other income you have; it can only offset a rental gain from a different property in the same year.

C4. Carry: income minus financing cost

For a cash landlord, carry is rent less property tax, insurance and voids — positive by construction, the whole point of the cash-and-let-out quadrant. For a geared landlord, carry is rent less a financing cost stress-tested against a bank's own underwriting: TDSR's 55% ceiling and rate floor for an individual borrower, or DSCR's 1.2-1.4x minimum for a company, both narrower once the specific unit's remaining lease or vacancy history pulls the achievable rent below what was underwritten at purchase.

C5. Give and get: the trade

You give: cash, since CPF is closed to this asset entirely; on a JTC lease, ongoing compliance with the occupation-first and 30% sublet cap; and, on every lease you sign, the agent's commission and the stamp duty on the tenancy agreement. You get: zero ABSD, full deductibility of financing cost and letting expenses against the rent, and, if the unit is privately held, no JTC gate on how much of it you may let out at all. What you do not get, unlike office and retail on this site, is a duty-free exit — industrial's own SSD schedule means selling inside 3 years costs real money on top of everything above.

C6. Exposed to: what can move against you

Your tenant's own business, first: a single-tenant unit has no partial-vacancy buffer, and a tenant that fails or downsizes leaves the whole space empty at once. JTC policy, second, if leasehold: whether your sublet application is approved, and on what terms, sits with JTC's own discretion each time it comes up. Lease decay, third, compounding every year on a JTC unit and pulling both achievable rent and bank appetite down together as the remaining term shortens. Rates, fourth, on a floating loan stress-tested at a steeper non-residential floor than a home loan carries. And your own compliance exposure, fifth: a tenant whose actual use drifts from the 60:40 split, or from what the lease's approved use permits, is a breach you are responsible for as landlord, discovered typically at the worst possible time — an inspection, a sale, or a refinance.

C7. For how long

Industrial's own 3-year SSD window sets a real minimum horizon if you plan to sell without a duty. On a JTC lease, the horizon that actually binds day to day is shorter and recurring: every sublet approval runs at most 3 years, or the remaining tenancy if shorter, so a landlord on a JTC lease is never committing once — the letting itself has to be renewed against JTC's ongoing consent, not just against the tenant's willingness to stay.

C8. Failure cascade: if it goes wrong, in what order

A tenant defaults or does not renew, and the space sits void, with a narrower replacement-tenant pool for B2 than for B1 because fewer businesses hold the licences the space needs. Negative carry hits cash flow immediately, since the loan, property tax and any JTC rent do not pause for a vacancy. It accumulates into profit and loss as arrears and unreinstated fit-out. It becomes negative equity faster where the lease has also decayed further down the remaining-term curve. Illiquidity follows sharply once the remaining lease, on a JTC unit, crosses the roughly 30-year threshold banks price around. Insolvency is the end state if the shortfall cannot be met in cash — there is no CPF cushion anywhere in this asset class.

C9. Liquidity: how fast it becomes money, and at what haircut

Slower than a home, and slower again than office or retail: a B2 buyer pool is already narrower, since it must be a business whose activity and licences fit both the approved use and, on a JTC unit, an occupancy condition that may still bind whoever buys next. Selling costs stack on top of a slow market: agent's fee, legal fee, industrial SSD inside the 3-year window, and, on a JTC lease, the assignment-consent process itself as a real timing cost before any sale can close at all.

C10. Control: can you move the outcome?

This page's version of control is fit-out choice within the 60:40 split, and how much of the space you are actually permitted to let out. A private B2 owner controls both almost fully, short of the MCST's own rules. A JTC lessee controls neither outright: the 30% sublet cap, the occupation-first condition, and JTC's own discretion on every approval mean control here is closer to negotiated access than ownership in the fullest sense — an active, ongoing relationship with JTC, not a one-time purchase decision.

C11. The exit: how you get out, and what it costs

A private sale through an agent, on the general conveyancing machinery above, with industrial SSD applying in full inside the 3-year window. On a JTC lease, add the assignment-consent step: JTC assesses the buyer's business plan and, where the use needs it, agency clearances, and the sale cannot close during a prohibition period or once fewer than 5 years remain on the term. Whatever tenancy is in place at the point of sale also has to be handled — an existing lease generally binds a new owner, so an exit plan has to account for the tenant already in occupation, not just the sale of the shell.

The B2B spoke: who else this page's reader deals with

A B2 landlord's counterparties are almost entirely businesses, plus, on a leasehold unit, a statutory landowner. First, the tenant's own company: it must independently clear ACRA, NEA and any other agency its specific activity needs, and its actual use has to sit within the lease's approved use and the 60:40 split, which the landlord is on the hook for enforcing in practice even though it is the tenant's own breach. Second, on a JTC lease, JTC itself, whose consent gates every sublet, whose occupation-first and 30% cap rules bound how much can be let out at all, and whose lease-renewal decisions, discretionary rather than automatic, shape how much of an asset there is left to rent out as the term runs down. Third, on a private strata unit, the MCST and its managing agent. Fourth, a letting agent, the bank's commercial lending desk if geared, an insurer, and a lawyer to draft and vet the tenancy agreement.

CEA's licensing and registration regime has covered estate agency work on industrial and commercial property, letting included, on the same basis as residential since 1 January 2011 — introducing a tenant to a landlord or negotiating either side of an industrial lease is estate agency work, and the person doing it must be CEA-registered through a licensed agency, whatever title they use. If you know another factory or warehouse owner deciding whether to rent out, sell, or is stuck on a JTC sublet application, I want nothing for the introduction — that is stated plainly because it is the honest answer, not because it needs saying twice.

The realtor economics: what the letting agent earns, and where the incentive points

CEA's own consumer guidance on renting and renting out addresses HDB and private residential property only, and says nothing about a commercial or industrial letting specifically. CEA's licensing scope is wider than that one page: the sale or lease of residential, commercial and industrial property alike has needed CEA registration since 2011, and an agent letting B2 space is bound by the same no-fixed-commission rule as any other — CEA sets no prescribed rate for any property type, and an agent may not collect commission from more than one party in the same transaction. You pay the agency, not the individual salesperson, the same as on a residential deal.

The market norm reported for commercial leasing, absent a CEA figure, is roughly half a month's rent for a lease of 12 months or less and about a month's rent for a lease running up to 24 months, split between the landlord's and tenant's agents where both are engaged, payable only once the lease is signed. That structure points the incentive squarely at getting a lease signed, not at getting the right tenant signed. An agent paid on signature has every reason to fill a void quickly and less reason to hold out for a better covenant, a longer term, or a tenant whose actual planned use will cleanly clear the 60:40 split rather than sit close to its edge. On a JTC unit specifically, an agent has every commercial reason to want the deal closed fast and less reason to volunteer that the landlord's own right to sublet may itself be conditional — on the occupation-first rule, or on a lease-specific owner-occupier clause — a fact that, surfaced late, can unwind a deal after the agent has already been paid. Say it plainly, including against myself: the same commission structure applies to work I do, and the same question is worth asking of me as of anyone else — is the tenant right for the space, or just fast.

What is uncertain, and what was not verified

• No source split B2's fit-out cost, gross yield or achievable net yield from B1's; every B2-specific figure on this page is stated as B2 where the source names B2 directly, and flagged as an inference from B1 everywhere it is not.
• JTC's own tenancy-transfer materials are silent on the death of an individual lessee. No route for a transfer to an executor, administrator or beneficiary is stated anywhere I could read; this page names that as unresolved rather than assuming continuity.
• No source addresses share succession for an industrial-property holding company beyond ordinary company and probate law generally; whether a specific company's own articles or shareholder agreement actually provide for it was not something this page could check.
• Commercial and industrial LTV is unresolved between sources: one guide reports 60-80% for an individual industrial buyer, a broader market aggregator reports 80-90% for commercial property generally. Both are stated; neither is resolved.
• Whether a bank prices a B2 unit differently from a comparable B1 unit for the heavier use category alone, beyond the general industrial financing terms both share, was not found sourced either way.
• No market-norm commission percentage specific to industrial letting, as distinct from commercial leasing generally, was found; the figure used here is a general commercial-leasing norm, not an industrial-specific one.