What are office rents in Singapore?

Singapore's office rental index stood at 200.2 in Q1 2026, down 0.2% from the previous quarter and down 0.2% year-on-year, with an office vacancy rate of 10.8%. Data is sourced from URA's commercial property statistics, tracked quarterly by PropKaki Intelligence.

Office market indicators — latest quarter

Office rental index — last 8 quarters

What drives Singapore office rents?

Singapore office rents are driven by demand from financial services, technology, professional services, and increasingly, family offices and wealth management firms. The supply side is constrained by limited CBD land and long construction lead times — major new office completions are infrequent events. A vacancy rate below 5% is generally considered a tight market that supports rental growth; above 10% signals oversupply that pressures landlords to offer incentives.

Grade A CBD office rents (the top tier) diverge significantly from the island-wide index tracked here. Occupiers seeking Grade A CBD space should reference market reports from major brokers (CBRE, JLL, Colliers) alongside URA's index for a complete picture.

Office vs. retail: which is performing better?

Singapore's office and retail markets follow different demand cycles. Office demand tracks corporate expansion and headcount; retail demand tracks consumer spending and tourist arrivals. PropKaki's Commercial Property Tracker shows both markets side-by-side with rental index, price index, and vacancy data for each.