What are Singapore commercial property prices and rents?
PropKaki tracks Singapore's office and retail commercial property markets side-by-side using URA's quarterly statistics — rental index, price index, and vacancy rate for both sub-markets in one view. Source: Urban Redevelopment Authority via data.gov.sg.
As of Q1 2026, Singapore's commercial property market shows:; office rents (URA rental index) at 200.2, down 0.2% quarter-on-quarter and down 0.2% year-on-year, with office vacancy at 10.8%; retail rents at 80.1, down 0.6% quarter-on-quarter and up 1.8% year-on-year, with retail vacancy at 6.3%. All figures are from URA commercial property statistics, tracked quarterly by PropKaki's Singapore Commercial Property Tracker.
Office vs retail — latest quarter at a glance
All six indicators below are from URA's commercial property statistics, as of Q1 2026. Rental and price indices are rebased to 100 at Q4 1998.
| Indicator | Office | Retail | Office QoQ | Retail QoQ |
|---|---|---|---|---|
| Rental index | 200.2 | 80.1 | −0.2% | −0.6% |
| Price index | 110.9 | 103.6 | +0.2% | +2.2% |
| Vacancy rate | 10.8% | 6.3% | −2.1% | +0.8% |
Office rental index — last 8 quarters
| Quarter | Office rental index | QoQ |
|---|---|---|
| Q1 2026 | 200.2 | −0.2% |
| Q4 2025 | 200.6 | +0.4% |
| Q3 2025 | 199.8 | −0.1% |
| Q2 2025 | 200.0 | −0.3% |
| Q1 2025 | 200.6 | +0.3% |
| Q4 2024 | 200.0 | −0.9% |
| Q3 2024 | 201.8 | −0.5% |
| Q2 2024 | 202.8 | — |
Retail rental index — last 8 quarters
| Quarter | Retail rental index | QoQ |
|---|---|---|
| Q1 2026 | 80.1 | −0.6% |
| Q4 2025 | 80.6 | +0.6% |
| Q3 2025 | 80.1 | +0.9% |
| Q2 2025 | 79.4 | +0.9% |
| Q1 2025 | 78.7 | −0.5% |
| Q4 2024 | 79.1 | +0.6% |
| Q3 2024 | 78.6 | +0.3% |
| Q2 2024 | 78.4 | — |
What drives Singapore commercial property?
Office demand in Singapore is anchored by financial services, professional services, and technology tenants, with the CBD and decentralised hubs such as one-north and Paya Lebar competing for occupiers. Supply is constrained by limited land — major new completions are infrequent — so vacancy movements are sensitive to even moderate shifts in net absorption. A vacancy rate below 5% is generally considered tight.
Retail demand tracks consumer spending, tourist arrivals, and foot traffic patterns. Orchard Road, suburban malls, and neighbourhood retail show markedly different occupancy profiles — the island-wide URA vacancy figure blends all of these. Retail rental indices have historically been more volatile than office indices, responding to shifts in discretionary spending and e-commerce penetration.
URA's commercial property price and rental indices are both rebased to 100 at Q4 1998 and are compiled from caveats lodged for commercial transactions, so they reflect actual transacted values rather than asking prices. Industrial property — factories, warehouses, and business parks — is a separate market not covered here.
Charts, time-series explorer, and additional stock and supply data for both office and retail: Singapore Commercial Property Tracker. For industrial property (factories, warehouses, business parks): Singapore Industrial Property Tracker.