房地产 -新加坡办公楼市场更新 Singapore Office Market Update - Q1 2026

SingaporeResearch

Office

Q12026.sg/research

PulloftheCBDpersistsamidcautiousleasingsentiment

“TheSingaporeofficemarketremainedstableinQ12026,supportedbythecontinuedcautiousflighttoqualityandthedrawofaCBDlocation.Even

thoughlandlordshaveadoptedagenerallydefensiveorientationamidtheMiddleEastconflict,Singapore’ssafe-havenstatuscontinuedtounderpindemand,particularlyforprimegradeofficespaces.”

TRIDIANAONG,HEAD,OCCUPIERSTRATEGYANDSOLUTIONS

RENTSANDOCCUPANCY

Inthefirstquarterof2026,withmore

companiesmakingmeasuredflightto

qualitymoves,andmoreworkerscomingbacktoworkinoffices,rentsofprime

gradeofficespaceintheRafflesPlace/MarinaBayprecinctgrew0.7%q-o-qtorecordanaverageofS$11.57psfpm.

Similartotherents,occupancylevelsintheRafflesPlace/MarinaBayprecinctalsoroseinQ12026,increasing1.3

percentagepoints(pp)q-o-qand2.0ppy-o-yto97.0%.TheoverallCBDoccupancywas94.7%,stablewithjustaslightdipof0.2ppq-o-qbutanincreaseof1.2ppy-o-y.TheconsistentlytightoccupancyratesdemonstratetheattractionthattheCBDcontinuestohaveforofficeoccupiers,

wheremostprefertomaintaintheirexistingpremises.

DEMANDDRIVERS

InMarch2026,thesuddendestabilisationintheMiddleEastbroughtaboutby

militaryconflictinIranheightened

geopoliticaltensionsandtriggeredfearsofanewenergycrisisasaresultofdisruptedoilsupplies,puttingmanylandlordsand

occupiersintoacautiousposture.While

leasingactivitycontinued,landlords

remainedinlargelyconservativepositionstomaintainhealthyoccupancylevels.Formostoccupiers,theimpactofhostilitiesintheMiddleEasthaveyettoaffecttheirrealestatestrategy.Atthesametime,the

conflictparadoxicallyreinforcedthesafe-havenstatusofSingapore,assome

multinationalfirmsintheseaffectedzonesmightconsiderflighttosafetyrelocations,withSingaporeasastablebaseforAsia-

Pacificoperations.

Exhibit1:AverageOfficeRentals,byKeyPrecinctsinQ12026

Q-O-Q

CHANGE

(PERCENTAGE

POINTS)

-1.7

-0.30.50.6

-0.7

1.1

-2.4

-0.90.60.1-0.6

GROSSEFFECTIVE

MONTHLYRENTS

(S$PSFPM)

$12.45-$12.95

$10.50-$11.00

$10.40-$10.90

$10.10-$10.60

$10.25-$10.75

$9.25-$9.75

$7.30-$7.80

$7.45-$7.95

$7.20-$7.70

$4.90-$5.40

$5.80-$6.30

Q-O-Q%CHANGE

0.8%

0.7%

0.6%

0.6%

0.4%

-0.6%

2.2%

0.3%

-0.3%

0.0%

0.0%

VACANCY

(%)

2.2%

4.9%

2.7%

3.5%

7.5%

3.8%

8.3%

0.2%

1.0%

1.8%

5.1%

LOCATION

RafflesPlace/MarinaBayGradeA+

RafflesPlace/MarinaBayGradeA

MarinaGradeA

BeachRoad/MiddleRoadGradeA

ShentonWay/RobinsonRoad/TanjongPagarGradeA

OrchardGradeA

CityFringeWest–

Alexandra/Harbourfront

CityFringeNorth–Novena/Newton

CityFringeEast–PayaLebar

SuburbanEast

SuburbanWest

Source:KnightFrankOccupierStrategyandSolutions

MILLIONSF

(GROSSFLOORAREA)

EstimatedCBDNewSupply(2026–2030)

94.7%

CBDOccupancy:Q-O-Q

S$11.57PSFPM

PrimeOfficeRents:Q-O-Q

3.5

Theselectiveflight-to-qualitytrendalsoremainedadefining

featureofdemandinQ12026.

Occupierscontinuedtogravitate

towardsnewerGradeAbuildingsintheCBD,ascompaniesprioritised

prestige,accessibility,talent

attractionandretentiontogether

withcostconsiderations.Asaresult,itwasobservedthatcertainoffice

propertiesoutsidetheCBDwere

beginningtocomeundersome

nascentvacancypressure,ascertaincorporatesindecentralisedlocationsconsidersuitableopportunitiesthatbecomeavailableinprimecentral

developmentswhenotherspaceusersright-sizeorvacate.

Nevertheless,well-connecteddecentralisednodessuchasBuonaVistaandtheAlexandracorridor

continuedtobepositionedasviablealternativesforoccupiersseeking

moreaffordablespacewithout

compromisinggeneralislandwide

connectivity.However,withinthe

samelocation,buildingswithhigherspecificationsandbetteramenitieswillperformbetterwithhigher

occupanciesandwillbeinastrongerpositiontoretainA-listtenants

comparedtotheirneighbours.

Nonetheless,occupierswith

ambitionsofflighttoqualitycanbeluredtotheCBD.Landlordsinfringelocationsthatcouldcomeunder

stressarethereforeexpectedtofocusonmaintainingandensuringstableoccupancythroughflexiblelease

terms,selectivefitted-outofferingsandtargetedmarketingtocost-

sensitiveoccupiers.

ECONOMICSENTIMENTANDOUTLOOK

ThecautioustoneseeninQ12026isexpectedtopersistsolongasthereisnode-escalationofhostilities.Mostcompaniesarelikelytodelaymajorexpansionplansuntilthereisclearer

visibilityontheglobaloutlook,theimpactonenergymarkets,costsandinterestrates.Inthenearterm,thissuggeststhatleasingdemandwillcontinuetobedrivenmorebyoptimisationstrategies,suchasupgrades,consolidationsorrenewals,ratherthanbylarge-scaleheadcountgrowth.

Despitethis,Singapore’spositionasaregionalsafehavenisexpectedtocontinue

supportingtheofficemarket.Financialinstitutions,tradingfirms,energycompaniesand

technologyplayersarestilllikelytomaintainorexpandtheirpresenceinthecity,asgloballymobilecorporatesmoveintobastionsofstabilitythatcanguaranteesomedegreeof

predictablebusinesscontinuity.Shouldglobalconditionsstabiliseinthesecondhalfof2026,pent-updemandfromfirmsthathavebeenpostponingdecisionscouldtranslateintoapickupinleasingactivity,especiallyforhigh-qualityCBDspace.

Overall,theSingaporeofficemarketisexpectedtoremainstablein2026,withrents

expectedtogrowby3%to5%forthewholeyear.Primeofficespacesarelikelytoremain

resilient,supportedbylimitednewsupplytogetherwiththecontinuedappealoftheCBD.Thekeyrisktotheoutlookremainsexternal,andanysustainedsurgeinenergypricesmight

impacttheoperationalcostsofofficebuildingsthatcanbepassedontotenants.Occupiersinenergyefficientbuildingsarelikelytobebetterinsulatedfromtheseunexpectedshocks.Evenso,Singaporecanpossiblybenefitfromareputationasareliableandneutralbaseforregionalheadquarteroperations.

ShawTower

ShawTowersRealtyPteLtd

SolitaireOnCecil

SolitaireCecilPteLtd

SLPropertiesLtd

TheClifford

SingTel

Comcentre

Redevelopment

SingTelSomersetPteLtd

AceShentonDevelopmentPte

Ltd/ShentonCommercial

PropertyPteLtd/ShentonHotel

PropertyPteLtd/ShentonOffice

PropertyPteLtd/ShentonResidentialPropertyPteLtd

TheSkywaters

UnionSquareCentral

CDLLibraPteLtd/CDLConservoPteLtd/CentroPropertyHoldingPteLtd

TotalKeySupply2029252,564

AnsonRoad

DowntownCore

257,494

CDLPiscesCommercialPteLtd/CDLPiscesServicedResidencesPteLtd/HongLeongPropertiesPteLtd

NewportTower

SophiaRoad

Rochor

252,564

SophiaResidentialPteLtd/SophiaCommercialPteLtd

OneSophia

Exhibit2:SelectedUpcomingOfficeSupplyIslandwide

PROJECTNAME

STREETNAME

PLANNINGAREA

DEVELOPER

TOTALOFFICESPACEGFA(SF)

BeachRoad/MiddleRoad/NicollHighway

DowntownCore

476,604

CecilStreet

DowntownCore

216,484

TotalKeySupply2026693,088

TotalKeySupply2027257,494

RafflesPlace

DowntownCore

510,791

ExeterRoad

Orchard

882,221

ShentonWay

DowntownCore

876,710

HavelockRoad

SingaporeRiver

300,905

TotalKeySupply20282,570,627

Source:URA,KnightFrankResearch

Forfurtherinformationonthereport,pleasecontact:

TridianaOng

Head

OccupierStrategyandSolutions

+6562286886

tridiana.ong@

LeonardTayHead

Research

+6562286854

leonard.tay@

SimLiWei

SeniorAnalyst

Research

+6562286856

liwei.sim@

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