Singapore Office Market Report Q3 2026: Rental Trends, Supply & Outlook

Singapore's office rental market remained tight in Q3 2026, particularly for prime office space in the Core CBD. 
Based on Office Navi Singapore's comparison of 160 office buildings included in both our June and September 2026 PSF Guides, average asking rents increased by approximately 1.6% islandwide over the period.

However, rental movements varied significantly by location. 
Tanjong Pagar and Anson Road recorded the strongest increase at 3.1%, followed by Raffles Place and Marina Bay at 2.7%, while some decentralised areas experienced little growth or declining asking rents. 
This suggests that the gap between prime CBD offices and some older or more decentralised buildings is continuing to widen.

In this Q3 2026 Singapore Office Market Report, we look at the latest office rental trends, supply and vacancy conditions, tenant demand, and the outlook for the rest of 2026 and 2027.

Updated September 2026

Singapore Office Market Q3 2026: Executive Summary

Singapore office rents continued to rise in Q3 2026. Comparing the June and September 2026 Office Navi Singapore PSF Guides, average asking rents across Singapore increased by approximately 1.6%, based on 160 buildings listed in both editions. The market remained firmly in landlords’ favour, particularly for prime office space.

Prime CBD areas led the rental growth. Tanjong Pagar / Anson Road recorded the strongest increase at +3.1%, followed by Raffles Place / Marina Bay at +2.7%. The East Region also recorded a +2.6% increase.

Older and more decentralised areas showed a different trend. The North Region recorded the largest decline at -4.0%, while the CBD Fringe declined slightly by -0.9%, highlighting the growing difference between prime and non-prime office markets.

Office availability continued to tighten. The share of buildings marked “Full” — where no available space was quoted — increased from 6.2% in June to 9.9% in September. This is consistent with the tight vacancy conditions being reported in the Grade A office market.

New office supply remains limited through 2027. With relatively little new space entering the market, landlords continue to hold stronger negotiating positions, particularly for prime office buildings and larger contiguous spaces.

Rental Rates in Q3 2026

Where rents stand

Research indicates that Core CBD Grade A office rents were around S$12.19 to S$12.50 per square foot per month in mid-2026, reaching their highest level in about 17 years. The market has recorded six consecutive quarters of rental growth heading into Q3 2026.

Market forecasts suggest that full-year 2026 rental growth for CBD Grade A offices will be around 2% to 5%. The higher end of the forecast is supported by the continued tightening of vacancy rates and limited availability of quality office space in the CBD.

The Office Navi Guide, which covers Grade A, Grade B and business park office space across Singapore, recorded a more moderate quarterly increase of 1.6%.The more moderate growth reflects the broader range of office properties covered by the Office Navi Guide, beyond the prime CBD market.

Comparing June 2026 and September 2026 by precinct

Raffles Place / Marina Bay: 42 matched buildings. Average asking PSF increased from S$11.93 in June 2026 to S$12.25 in September 2026, a QoQ change of +2.7%.

Tanjong Pagar / Anson Road: 12 matched buildings. Average asking PSF increased from S$9.34 in June 2026 to S$9.63 in September 2026, a QoQ change of +3.1%.

East Region: 8 matched buildings. Average asking PSF increased from S$7.99 in June 2026 to S$8.20 in September 2026, a QoQ change of +2.6%.

City Hall / Suntec / Bugis: 28 matched buildings. Average asking PSF increased from S$10.36 in June 2026 to S$10.49 in September 2026, a QoQ change of +1.2%.

Robinson Road / Shenton Way: 29 matched buildings. Average asking PSF increased from S$9.34 in June 2026 to S$9.44 in September 2026, a QoQ change of +1.1%.

Chinatown / River Valley Rd: 3 matched buildings. Average asking PSF increased from S$8.38 in June 2026 to S$8.45 in September 2026, a QoQ change of +0.8%.

Orchard Road: 16 matched buildings. Average asking PSF increased from S$9.30 in June 2026 to S$9.38 in September 2026, a QoQ change of +0.8%.

West Region: 11 matched buildings. Average asking PSF increased from S$7.84 in June 2026 to S$7.85 in September 2026, a QoQ change of +0.1%.

CBD Fringe: 5 matched buildings. Average asking PSF dencreased from S$7.96 in June 2026 to S$7.89 in September 2026, a QoQ change of -0.9%.

North Region: 6 matched buildings. Average asking PSF decreased from S$6.18 in June 2026 to S$5.93 in September 2026, a QoQ change of -4.0%.

Islandwide (all precincts): 160 matched buildings. Average asking PSF increased from S$9.84 in June 2026 to S$10.00 in September 2026, a QoQ change of +1.6%.

Key observation:

Most precincts recorded an increase in average asking PSF from June to September 2026. Tanjong Pagar / Anson Road recorded the largest increase at +3.1%, while North Region recorded the largest decline at -4.0%. Islandwide average asking PSF increased by 1.6%, from S$9.84 to S$10.00.

Buildings worth watching

Biggest gainers

One George Street in Raffles Place (up S$1.50 psf), Twenty Anson in Tanjong Pagar (up S$1.35), Income Tampines Point in the East (up S$1.30), and UOB Plaza 1 and Capital Square in Raffles Place (up S$1.25 each).

Softer spots

Woods Square Tower 2 in the North (down S$1.50), mTower in the West (down S$0.50) and Goldhill Plaza on the CBD Fringe (down S$0.35). Most of these are business park or decentralised buildings, where vacancy tends to run higher.

New buildings appeared in the guide since June, including RB Capital Building, 18 Cross Street, 60 Anson and four buildings in the West Region. A few strata and business park listings dropped off the list too, such as Changi Business Park and Mapletree Business City West, which points to thinner supply in that part of the market.

Supply and Demand

Supply

Very few new Core CBD Grade A buildings are coming online. Shaw Tower on Beach Road, on the CBD Fringe, located on the CBD Fringe, is one of the major office completions in 2026 and is already largely leased.

The next notable project, Newport Tower, won’t be ready until early to mid-2027. After that, no significant new supply is expected before 2028.

Analysts estimate new CBD Grade A supply will average only about 0.4 to 0.5 million square feet a year through 2026 and 2027, well below the ten-year average demand of 0.9 to 1.3 million square feet. This supply-demand gap is contributing to continued tightness in the prime office market.

The last big wave of supply, including IOI Central Boulevard Towers and Keppel South Central, has now largely been taken up. There isn’t much large, contiguous space left on the market.

Demand

Flight to quality is still the main trend. Tenants keep moving into fewer, better-located floors with higher specifications, even when their headcount isn’t growing.

Marina Bay and the Downtown Core remain the biggest draws for net demand, helped by backfilling at Marina Bay Financial Centre and moves like Shell’s roughly 100,000 square foot relocation to Asia Square Tower 1.

Demand is increasingly coming from large, financially strong companies: banks, wealth and asset managers, law firms, and a growing number of AI and technology firms. Smaller tenants are more hesitant.

Some analysts caution that a good deal of this leasing activity is really about relocation and upgrading rather than genuine new demand. Headline deal numbers may look stronger than the underlying market actually is.

Core CBD Grade A vacancy sits at a record low of around 3.3% to 4.1%. Vacancy across the wider CBD, covering all grades, is higher at around 6% to 7% and ticked up slightly after Shaw Tower opened. Vacancy in non-prime buildings is climbing as smaller tenants feel the pinch.

Business Climate

Singapore’s GDP growth forecast for 2026 has held steady at a modest 2% to 4%, though economists warn that rising energy prices linked to tensions in the Middle East could weigh on that outlook.

Singapore’s reputation as a safe, politically stable place to do business keeps attracting wealth, family offices and regional headquarters, which supports long-term office demand even as some tenants take longer to decide.

If energy prices stay high, building running costs and service charges could rise too, adding another layer of cost on top of higher rents.

Some occupiers are choosing to delay leasing decisions until the picture becomes clearer. This is a mild drag on near-term demand, even though supply remains tight.

The government’s latest Economic Strategy Review, with its focus on AI adoption, supply chain resilience and attracting high-value investment, is seen by analysts as good news for office demand over the medium term, particularly from technology and AI-related firms.

Tenant and Landlord Expectations

Landlords

Owners of prime CBD Grade A buildings hold real pricing power right now. They are pushing asking rents higher and giving priority to tenants who can commit early and move in quickly.

Landlords are also paying close attention to how strong and reputable a tenant is, not just the rent they’re offering. Some spaces are reportedly being re-let before the current tenant has even moved out.

Owners of older or non-Grade A buildings face a tougher road. Some are looking at redevelopment or upgrades to stay competitive, as smaller tenants become a less dependable source of income.

Tenants

Larger companies planning for 2027 space needs are being told to act now, since no major new supply will arrive before 2028.

Tenants are focusing more on the overall lease package, such as rent-free periods, fit-out support and renewal terms, rather than just the headline rent, since landlords are reluctant to lower asking rates.

Smaller and mid-sized tenants are being more careful with budgets. Many are trading floor space for better location or quality, or looking at CBD Fringe and business park buildings where rents are flat or falling.

Expect more companies to right-size their space rather than expand. Most of the genuine new demand will keep coming from financial services, professional services, family offices and AI or technology firms.

Outlook

Current market forecasts suggest that Core CBD Grade A rents could finish 2026 around 4% to 5% higher year on year.

Vacancy is likely to stay near record lows through 2027, which keeps the advantage with landlords for prime assets. Market conditions may begin to ease from 2028, as Newport Tower and other new developments add more office supply and provide tenants with greater choice.

Key things to watch: how energy prices and interest rates move, how fast AI-related companies keep expanding, and whether vacancy in non-prime buildings keeps climbing as smaller tenants consolidate or leave the market.

Singapore Office Market Q3 2026 FAQs

Are Singapore office rents increasing in 2026?

Yes. Based on Office Navi Singapore’s comparison of 160 buildings included in both its June and September 2026 PSF Guides, average asking rents increased by approximately 1.6% islandwide. Rental growth was stronger in several prime CBD locations, including Tanjong Pagar / Anson Road and Raffles Place / Marina Bay.

What is the average office rent in Singapore in Q3 2026?

Based on Office Navi Singapore’s September 2026 PSF Guide, the average asking rent across the 160 matched buildings was approximately S$10.00 per square foot per month, compared with S$9.84 in June 2026. Actual office rents vary considerably depending on location, building grade, age and specifications.

Which Singapore office areas recorded the highest rental growth in Q3 2026?

Among the areas tracked by Office Navi Singapore, Tanjong Pagar / Anson Road recorded the strongest increase at 3.1%, followed by Raffles Place / Marina Bay at 2.7% and the East Region at 2.6% between June and September 2026.

Is Singapore’s CBD office market still landlord-friendly?

Prime CBD office conditions remained landlord-favourable in Q3 2026, supported by low Grade A vacancy and limited new office supply. Tenants looking for prime buildings or larger contiguous office spaces may therefore have less negotiating flexibility than in softer or decentralised office markets.

Is there a shortage of office space in Singapore?

Singapore still has office availability overall, but prime Grade A space in the Core CBD is relatively tight. The market varies considerably by building quality and location, with higher vacancy and softer rental conditions in some older and decentralised buildings.

Will more new office buildings be completed in Singapore in 2027?

New prime office supply remains limited through 2027. Newport Tower is among the notable projects expected in 2027, while a larger increase in new supply is expected from 2028 onwards.

Should companies planning an office move in 2027 start searching early?

Companies requiring prime CBD Grade A offices or large contiguous floor plates may benefit from beginning their search earlier because availability remains tight and new supply through 2027 is limited. Companies with greater flexibility on location or building grade may have a wider range of options.

Planning Your Next Office Move in Singapore?

Whether you are planning to renew your current lease, relocate to a new building, expand your office, or move from a serviced office to a conventional office, understanding current rental trends, office availability and future supply can help you plan ahead.

Office Navi Singapore supports businesses throughout the office search process, including:

• Office market insights and rental benchmarks
• Tailored office recommendations
• Serviced and conventional office searches
• Office viewing arrangements
• Commercial term and lease negotiation support
• Expansion, consolidation and relocation planning
• Support in English, Japanese and Chinese

Rather than reviewing hundreds of office options on your own, our team can help you identify suitable properties based on your location, budget, size, timeline and future business plans.

Our office search and advisory service is provided at no cost to tenants.

📞Call Us:+65 6462 6338
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If you’re exploring office space in Singapore, feel free to contact us for a complimentary consultation and customised office proposal.

From your first office to your next stage of growth, we’re here to support your office journey—every step of the way.

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Disclaimer

This article is intended for general information only. Office supply, vacancy rates, development timelines, rental conditions and availability may change depending on market conditions and individual developments.

Businesses should review the latest market information and specific property availability before making an office leasing decision.