The Raffles Place and Downtown office market remained resilient in 2024, with prime rents rising 2.4% to SGD 11.53 (11.50?) per square foot and vacancy rates tightening to 6.9%. Demand has been driven by a flight-to-quality, with smaller, wellfitted offices proving especially popular among firms in investment management, professional services and emerging tech. This has helped to stabilise leasing activity despite ongoing global economic uncertainty.
Looking ahead, rental growth is expected to remain flat in the first half of 2025 but may recover towards the end of the year as confidence improves. The recent completion of IOI Central Boulevard Towers has added short-term supply, creating opportunities for tenants to upgrade, but with few new completions expected between 2025 and 2027, the medium-term outlook remains firm.
Singapore Land Tower has completed a major S$160 million refurbishment, transforming this 47-storey Raffles Place landmark into a modern, sustainable workplace. Tenants now enjoy upgraded amenities including end-of-trip facilities, rooftop green spaces and flexible workspace options, all designed to meet the needs of today’s businesses. With direct access to Raffles Place MRT and a location surrounded by dining, retail and heritage areas, it’s a compelling choice for companies seeking a central, eco-conscious address.
Raffles Place/Downtown
6 Battery Road
6 Raffles Quay
8 Robinson
18 Robinson
20 Collyer Quay
55 Market Street
AIA Tower
Asia Square Tower 1
Asia Square Tower 2
Bank of China Building
Bank of Singapore Centre
Bharat Building
BNI Tower
CapitaGreen
CapitaSpring
Capital Square
Collyer Quay Centre
Far East Finance Building
Grace Global Raffles
Great Eastern Centre
Hong Leong Building
IOI Central Boulevard West Twr
Marina One
Maybank Tower
MBFC Tower 1, 2 & 3
MYP Centre
OCBC Centre
OCBC Centre East
OCBC Centre South
Ocean Financial Centre
One Finlayson Green
One George Street
One Marina Boulevard
One Raffles Place Tower 1
One Raffles Place Tower 2
One Raffles Quay Towers
OUE Bayfront
PLUS
Prudential Tower
Republic Plaza 1
Republic Plaza 2
Royal Group Building
Royal One Phillip
Samsung Hub
$12.00 per sq ft
Add more details, as well as some sample unit sizes
Singapore Land Tower
The Arcade
The House of Eden
UOB Plaza 1
UOB Plaza 2
Raffles Place/Downtown
Company
KZ Trading
Hehui Holdings
Valvoline Global
Oaktree Capital
Quantedge
Commercial Aircraft Corp China
Fenix One
Credit Agricole
Hengdian Group
Murex South East Asia
SingLife
BPI Wealth Management
Sam Wealth
O’Melveny & Myers LLP
Independent Reserve
Sun Life Assurance
Korda Mentha
To
6 Battery Road
6 battery Road
CapitaGreen
CapitaGreen
Capital Square
One Raffles Place
IOI Central Boulevard
IOI Central Boulevard
IOI Central Boulevard
Marina One
Marina One
MBFC Tower II
Republic Plaza
Singapore Land Tower
Singapore Land Tower
Singapore Land Tower
Singapore Land Tower
From 1 Raffles Quay North Tower
New Office To be confirmed
UOB Plaza 1
Tokio Marine Centre
New office
Asia Square Tower 1
Capital Tower
New office
MBFC Tower II
SGX Centre 1
New office
New office
New office
New office
1 Raffles Quay North Tower
Collyer Quay Centre
Tower
All rents quoted are Asking Rental Rates and subject to change without prior notice
S$ per sq ft per month Inclusive of service charge
If my budget range was $12.00 - $14.00 per sq ft, I would...
Associated content, written by each team member (with dev/refinement from me). Short extract on MR, then longer content elsewhere.
Update maybe every other MR, and alternate the range. Inc team pics xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Robinson
Pagar
Robinson Road/Shenton Way
18 Cross Street
61 Robinson Road
71 Robinson Road
80 Robinson Road
108 Robinson Road
112 Robinson
120 Robinson Road
137 Telok Ayer Street
135 Cecil Street
137 Cecil Street
150 Cecil Street
158 Cecil Street
Afro Asia i-Mark
Bangkok Bank Building
BEA Building
Capital Tower
CapitaSky
Cecil Court
City House
ERH Building
$12.00
$10.00-$10.30
$10.50
$8.50
$9.00
$9.00-$9.50
$9.00
$8.20
$6.50-$7.70
$8.00
$10.50
$6.50
$10.50
$13.00-$13.50
$6.00-$6.50
$8.50
$6.20-$7.80
Leasing Highlights Q1 – 2025
Robinson Road/Tanjong Pagar
Company
Consort Bunkers
West of England Insurance
Yan Yun Global
Vanguard Software
Solaris Assurance
Blue Water Shipping
Here Solutions
Air Wallex
Artemyn Minerals
Organon Asia Pacific
Vietnam Airlines
Illepede
Eniqmatiq
Manulife
HEC Pharm Management
WFV Corporation
Bidsventure Global Holding
Frasers Tower
GB Building
Keck Seng Tower
Manulife Tower
OUE Downtown 1 & 2
Robinson 77
Robinson Point
SBF Centre
SGX Centre 1 & 2
Shenton House
SIF Building
Tahir Building
The Globe
The Octagon
Tokio Marine Centre
Tong Eng Building
UIC Building
UOI Building YSY Building
To 61 Robinson Road
61 Robinson Road
61 Robinson Road
78 Shenton Way T2
100 AM
150 Cecil Street
Guoco Tower
Guoco Tower
Hong Leong Building
Hong Leong Building
Hong Leong Building
Hong Leong Building
Hong Leong Building
Keppel South Central
Twenty Anson
Twenty Anson
UIC Building
$12.00-$13.50
$7.00
$6.50-$7.50
$10.00-$10.50
$10.00-$12.00
$10.00
TBA
$9.00-$10.50
$9.50
$4.50
$9.20
$8.50-$10.00 TBA
$5.80-$8.00
$8.00
$11.00-$11.50
$7.00
$7.50
Vacancy Rate
Grade A 3%
Strong Demand & Flight to Quality:
Tenants are drawn to modern Grade A buildings like Guoco Tower and Frasers Tower, driving robust rental growth in Robinson Road, Shenton Way, and Tanjong Pagar.
Limited New Supply: With only Keppel South Central completing in 2025 and few redevelopments in the pipeline, vacancy rates are tightening, supporting landlord-friendly dynamics.
Sustained Rental Growth:
Rents are expected to remain stable in early 2025, with a modest uptick likely in late 2025 and into 2026 as global sentiment improves.
Connectivity & Accessibility:
From Robinson Point
Robinson 77
New Office
New Office
New Office
Parkview Square
Various Expansion
New Office
New Office
New Office
New Office
New Office
Robinson Point
New Office
New Office
New Office
The area’s proximity to Tanjong Pagar MRT, the upcoming Prince Edward Road MRT, and key expressways boosts its appeal to occupiers.
Live-Work-Play Appeal:
Tanjong Pagar’s evolution into a lifestyle and commercial hub continues to attract multinationals, co-working providers, and forward-looking firms. It has also earned international recognition, ranking among TimeOut’s top 50 coolest neighbourhoods in the world.
Add more info plus available units range
All rents quoted are Asking Rental Rates and subject to change without prior notice
S$ per sq ft per month
Inclusive of service charge
Guoco Tower Street name
$X.00 per sq ft
Units from: 1,200 sq ft - 15,000 sq ft
XXXXXXXXXXX Street name
$X.00 per sq ft
Units from:
1,200 sq ft - 15,000 sq ft
Frasers Tower Street name
$X.00 per sq ft
Units from: 1,200 sq ft - 15,000 sq ft
XXXXXXXXXXX Street name
$X.00 per sq ft
Units from: 1,200 sq ft - 15,000 sq ft
XXXXXXXXXXX Street name
$X.00 per sq ft
Units from: 1,200 sq ft - 15,000 sq ft
XXXXXXXXXXX Street name
$X.00 per sq ft
Units from: 1,200 sq ft - 15,000 sq ft
Keppel South Central Tanjong
Pagar
Guide Asking Rate
Completion
Size Net Lettable Area
Available Space
Nearest MRT
Amenities / Features
*Denotes Guide Asking rates –negotiable (subject to contract)
$12.00 psf*
435,000 sq ft
1,200 – 44,000 sq ft
Tanjong Pagar
Height: 33-storeys Offices arranged on floors 7 -17 (low-rise and floors 20-31)
High specifications. Many facilities and amenities close by. New MRT station to be opened 2026 (Cantonment).
Pre-commitments: Manulife 50,000 sq ft
Floor Plate Size 20-22,000 sq ft
• Smart, flexible workspaces: Grade A tower with efficient floor plates, 5G connectivity, facial recognition access, and 24/7-ready infrastructure.
• Wellness & sustainability: Rooftop pool, gym, outdoor decks, and Green Mark Platinum certification for super low energy use.
• Vibrant Location: Tanjong Pagar made it into TimeOut’s list of top 50 coolest neighbourhoods in the world.
10 Hoe Chiang Road
S$ per sq ft per month Inclusive of service charge
Tanjong Pagar
78 Shenton Way Tower 1
78 Shenton Way Tower 2
79 Anson Road
100AM
ABI Plaza
Anson House
Guoco Tower
International Plaza
Jit Poh Building
Keppel South Central
Mapletree Anson
MAS Building
Southpoint Springleaf Tower
St Andrew’s Centre
Tanjong Pagar Complex Twenty Anson
$7.80-$8.80
$8.60
$8.50
$7.60-$8.50
If my budget range was $9.00 - $11.00 per sq ft, I would...
Darren Ng Executive Director
CEA Reg No. R022103E
Mob 9871 9301 DID 6391 5201
Clients represented include: Etihad Airways, Inventec Technology LX Pantos, Japanese Chamber of Commerce Osaka Gas, Portcullis Trust darrenng@corporatelocations.com.sg
City Hall/Beach Road/Marina Centre/Orchard
City Hall/Beach Road: Office rents in this area remain stable, supported by demand for quality spaces in mixed-use developments like South Beach Tower. The area’s proximity to Bugis and Esplanade MRT stations, along with retail and dining amenities, continues to attract tenants seeking accessibility and convenience.
Marina Centre/Suntec: The Marina Centre precinct, including Suntec City, benefits from its integrated development with Grade A offices, retail spaces, and a convention center. Vacancy rates have tightened as tenants gravitate toward highquality spaces, and modest rental growth is expected in 2025 due to limited new supply.
Orchard Road: Office demand in Orchard Road has softened slightly due to competition from CBD locations, but the area remains attractive for boutique firms and strata office buyers. Developments like VisionCrest offer premium options for smaller occupiers and investors seeking a prestigious address.
Beach Road/Middle Road: Rental growth in this district is driven by prime assets like Bugis Junction Towers, which saw higher rents in 2024. The area’s connectivity via Bugis MRT interchange and its vibrant retail scene make it a preferred choice for creative industries and tech firms.
All rents quoted are Asking Rental Rates and subject to change without prior notice
Chinatown/River Valley Road/Edge of CBD
$XX – $XX psf
The Chinatown, River Valley Road, and Edge of CBD districts offer some of the most cost-effective office space options near the city core, attracting businesses looking to reduce overheads without sacrificing convenience. With excellent MRT access, strong amenity offerings, and modern mixed-use developments, these areas strike a balance between affordability and accessibility.
Proximity to stations like Chinatown, Fort Canning and Lavender ensures smooth connectivity, while nearby expressways support efficient commuting. Tenants also benefit from a wide range of F&B, retail and lifestyle options that enhance the overall work environment.
Key Benefits
Competitive Rents: More affordable than core CBD office spaces.
Great Connectivity: Easy access to multiple MRT stations and expressways.
Lifestyle Amenities: Surrounded by dining, retail and wellness options.
Mixed-Use Developments: Offices integrated with retail and hospitality offerings.
Modern Facilities: Suitable for flexible and collaborative workspaces.
These districts offer some of the most competitive rental packages unavailable elsewhere. When shortlisting buildings in these areas, accessibility to MRT stations and nearby amenities such as food courts is crucial.
West/Others $XX
The western business districts of Singapore—Jurong, Buona Vista / One-North, Alexandra, HarbourFront, and Mapletree Business City—are maturing into vibrant commercial hubs offering modern, cost-effective office solutions. These areas appeal to MNCs, R&D firms and tech companies thanks to their strategic locations, strong infrastructure and high-quality developments. Jurong Lake District (JLD) is set to become the largest commercial district outside the CBD, featuring new office spaces, residential units, retail and green amenities, all anchored by the future Integrated Transport Hub at Jurong East MRT. The area is designed as a long-term sustainable precinct with plans for net-zero emissions by 2045, making it a future-ready option for tenants prioritising accessibility and sustainability.
Buona Vista / One-North continues to attract innovation-driven businesses, with projects like The Metropolis, Rochester Commons, and The Hill@One-North offering premium Grade A spaces integrated with retail and residential amenities. The district is home to cutting-edge executive learning and R&D centres, offering a unique mix of commercial dynamism and knowledge-based collaboration. Alexandra and HarbourFront remain attractive for companies seeking affordable rents in well-connected, scenic locations. Flexible floor plates, proximity to expressways and MRT stations, and nearby retail and dining options make these districts ideal for businesses looking to decentralise without compromising on quality or convenience.
Key Highlights
Excellent Connectivity: MRT stations (Jurong East, Buona Vista, Labrador Park) and major expressways (AYE, CTE) ensure smooth access.
Mixed-Use Developments: Integrated hubs offer office, retail, residential, hotel, and green space in one location.
Sustainable Workplaces: Eco-friendly buildings and long-term green plans, especially in Jurong Lake District.
Competitive Rents: More affordable than CBD, with options ranging from $4.80 to $9.50 psf.
Future-Ready Growth: Strong pipeline of projects in JLD and One-North will support evolving tenant needs.
Alexandra Point
Alexandra Techno Park*
ALICE@Mediapolis*
Elementum
Fragrance Empire Building
Harbourfront Centre
Harbourfront Tower 1
Harbourfront Tower 2
International Business Park Jurong*
JEM
Keppel Bay Tower
Labrador Tower
Mapletree Business City*
mTower
Pacific Tech Centre*
Singapore Science Parks*
The JTC Summit The Metropolis
Biz Hub West
Office rents in decentralised business hubs like Paya Lebar and Buona Vista offer excellent value , with rates ranging from $4.00 to $9.50 per sq ft. These well-connected districts are increasingly popular with MNCs, tech firms, and cost-conscious occupiers seeking quality space outside the CBD.
Paya Lebar Green South Tower
Paya Lebar
*Denotes Guide Asking rates –negotiable (subject to contract)
1 Eunos Road 8
Vacancy Rate
The eastern office districts of Singapore — including Paya Lebar, Tampines, Changi Business Park, and Chai Chee — continue to attract businesses looking for cost-effective alternatives to the CBD. These areas offer strong infrastructure, proximity to residential neighbourhoods and excellent MRT connectivity, making them ideal for companies prioritising accessibility and affordability.
In Paya Lebar, Grade A developments like Paya Lebar Quarter (PLQ), Paya Lebar Square, and the upcoming Paya Lebar Green offer modern office spaces with integrated retail and lifestyle amenities. With rents averaging around $8.50 per sq ft and a location at the interchange of two MRT lines, the district is especially popular with technology, media and professional services firms. Long-term redevelopment plans, including the transformation of the Paya Lebar Airbase site, are expected to significantly enhance the area’s commercial landscape in the coming decade.
Tampines continues to thrive as the key regional centre in the East, offering office space at more affordable rates — typically between $5.50 and $6.50 per sq ft — in buildings like Tampines Grande and CPF Tampines Building. The district boasts excellent MRT access (East-West and Downtown Lines) and is well-positioned for businesses in finance, logistics, and aviation sectors, given its proximity to Changi Airport. Its status is further reinforced by a wide range of amenities, including three major malls and the integrated lifestyle destination, Our Tampines Hub. New mixed-use developments like the upcoming Tampines Avenue 11 project will further enhance the area’s appeal as a decentralised business hub with a strong live-work-play environment.
S$ per sq ft per month Inclusive of service charge
Key Highlights
Paya Lebar: Grade A offices in PLQ, Paya Lebar Square, and Paya Lebar Green; rents around $8.50 psf.
Future Growth: Major redevelopments in Paya Lebar and Tampines will enhance infrastructure and long-term value.
AIA Tampines
ARC 380
Asia Green Tower 1
Asia Green Tower 2
Changi Business Park
CPF Tampines
ESR BizPark@Chai Chee*
Hiap Hoe Building
Income@Tampines Junction
NTUC Income Tampines Point
Parkway Parade
Paya Lebar Green North Tower
Paya Lebar Green South Tower
Paya Lebar Quarter
Paya Lebar Square
SingPost Centre
Starhub Green*
Tampines Plaza 1
Tampines Plaza 2
If my budget range was $5.00 - $7.00 per sq ft, I would...
Douglas Dunkerley MRICS
Tenants are increasingly aware that the availability of office space in Singapore is tightening, with fewer options remaining for those seeking high-quality spaces. While a few buildings still offer sizeable leasing opportunities, these are rapidly being absorbed. For instance, Marina One continues to attract interest but has seen its supply shrink significantly with recent leases by SingLife and Murex. Similarly, Capital Square recently leased an entire floor (30,000 sq ft) to Quantedge, further reducing available space. Asia Square, which had been slower to fill in previous years, is now seeing steady uptake. Meanwhile, IOI Central Boulevard Towers has achieved an impressive 85% commitment rate, reflecting strong demand for new Grade A developments.
Tenants are increasingly aware that the availability of office space in Singapore is tightening, with fewer options remaining for those seeking high-quality spaces.
The vast majority of Grade A office buildings in the CBD now report high occupancy levels and low vacancy rates. As of Q4 2024, the CBD Grade A vacancy rate stood at 6.9%, a significant improvement from earlier peaks in the year. Landlords are capitalizing on this trend, making lease renewal negotiations more challenging for tenants as they leverage limited supply to maintain or even increase rents. The completion of Keppel South Central in Q1 2025 added 435,000 sq ft of new supply to the market; however, this space is already 50% committed or under advanced negotiation. With no major new Grade A developments expected in the CBD over the next three years, vacancy rates are expected to remain tight.
Looking ahead, Singapore’s office market is poised for steady growth between 2025 and 2027. The flight-to-quality trend continues to dominate leasing activity as tenants prioritize modern, flexible and sustainable workspaces to attract and retain talent. Demand is further supported by Singapore’s stable economic outlook, with GDP projected to grow by 3.1% in 2025. However, shadow space from tenant downsizing and relocations could emerge as a factor later in the year, particularly if global uncertainties persist. Beyond the CBD, decentralised hubs like Paya Lebar and Jurong are also drawing interest due to their competitive rents and integrated developments, providing additional options for tenants seeking high-quality spaces outside the city centre.
OFFICE LEASING GUIDE
add/adapt some of the ULTIMATE GUIDE boxes
Summary
Limited New Supply: Only 553,000 sq ft of new office supply is expected in 2025, maintaining tight market conditions.
Flight-to-Quality: Category 1 (prime) offices saw vacancy rates drop to 9.1% in Q4 2024 from 10.3% in Q3 as tenants upgraded from older or lower-grade buildings.
Landlord Strategies: Landlords are focusing on retaining tenants and maintaining occupancy rather than aggressively pushing rents.
Market Stability: Singapore’s office market remains one of the most stable in APAC, with a balanced supply-demand environment supporting moderate rental growth.
Tech Sector Impact: While layoffs in tech have impacted business parks more than CBD offices, AI-driven workforce changes could influence demand by late 2025.
Economic Resilience: Stable economic growth and easing lending rates are expected to support leasing activity and long-term tenant commitments.
Demand
Why Tenants use Corporate Locations
Market Forecast
Cautious optimism prevails in Singapore’s office market, but uncertainties remain as tenants navigate evolving work models and economic conditions. The focus on staff retention and attraction continues to drive demand for premium office spaces, particularly in Grade A and AAA buildings. To manage escalating costs, many tenants are adopting strategies such as downsizing to smaller spaces with a higher density of staff and efficient open-plan designs, or implementing hybrid work policies that include rotational work-fromhome arrangements.
Despite muted overall demand, the market has seen a boost from new entrants and businesses transitioning from serviced offices to conventional leases. Notable examples include Jane Street Singapore, which recently moved from Ocean Financial Centre to lease a full floor at IOI Central Boulevard, while Bayer Southeast Asia downsized from Paya Lebar Quarter to co-working space at WeWork Collyer Quay.
The shortage of supply is expected to persist through 2025, with tighter availability likely to impact rental rates later in the year. New developments like Keppel South Central are gradually attracting tenants, with Manulife securing two floors and 50% of the building already leased or under advanced negotiations.
This mirrors the leasing trajectory of IOI Central Boulevard Towers, which achieved 85% commitment after initial slow uptake. Landlords are leveraging limited supply to hold firm on asking rents and reduce concessions, making lease renewals increasingly challenging for tenants. Rental rates are projected to remain stable in H1 2025 but could rise by 2–3% in H2 as supply tightens further.
Rental Rates
Rental rates across Singapore’s office market in 2025 reveal a widening gap between premium, high-spec offices and older, more basic spaces. In Q4 2024, CBD Grade A vacancy rates declined to 6.9%, reflecting sustained demand for high-quality office space. This “flight to quality” trend continues to drive leasing activity, particularly among professional services, finance, and tech firms seeking well-located offices with modern specifications.
Meanwhile, older buildings with outdated layouts or limited amenities are experiencing slower take-up and face higher vacancy pressures. The rental gap between newer and older stock is expected to widen further, especially as occupiers become more selective and prioritise sustainability, efficiency, and employee well-being in their space decisions.
Summary
Steady Demand Recovery: Banking, financial services, technology and professional services firms dominate leasing activity as businesses resume capital expenditure for office expansions.
Flight-to-Quality Trend: Category 1 offices (premium spaces) saw rental growth of 4.5% in 2024, outperforming Category 2 offices (economy spaces), which grew only 1.8%.
Limited New Supply: Beyond Keppel South Central, no major new CBD Grade A developments are expected until 2028, further tightening supply.
Economic Resilience: Singapore’s GDP is projected to grow by 3.1% in 2025, supporting stable leasing activity despite global uncertainties.
Landlord Strategies: Extended rent-free fitting-out periods remain common as landlords balance tenant retention with firming rental rates.
Future Outlook: Office attendance is expected to rise further under the Tripartite Guidelines on Flexible Work Arrangements (effective December 2024), supporting demand for collaborative and flexible workspaces.
Cautious optimism prevails in Singapore’s office market, but uncertainties remain as tenants navigate evolving work models and economic conditions.
Looking ahead, rents for Premium Grade A spaces are expected to hold firm or rise modestly in late 2025, while mid-tier and economy segments may face greater downward pressure unless upgrades are made.
Graph Asking Rates psf
Premium Grade A: $13.50–$16.00 psf
Grade A: $11.00–$13.00 psf
Mid-Range: $9.00–$11.00 psf
Economy Range: $7.00–$8.75 psf
Back page / Fitted Office Landing page
Yes, but to adapt the content to an A4 page - and only if page is Live
Recommend not showing just the Landing Page (needs an intro), and bear in mind the LP is ‘landed on’ from clicking on something that has ‘introduced’ FOs.
So suggest half page is the ‘Intro’ and the other half is adapted LP with 4 columns, clearing showing sample FOs
