Singapore CBD office rents tighten again in Q3 2026.
Prime office rents are still rising while vacancy has compressed further. For occupiers planning a 2027 move, timing is becoming part of the rental strategy.
Core CBD Grade A rents reached S$12.75 psf per month
CBRE reported Core CBD Grade A rents at S$12.75 psf per month in Q3 2026, up 2.0% quarter-on-quarter. Vacancy fell to 2.6%, while rental growth for the first nine months of 2026 reached 3.7%.
JLL also reported continued rental growth in the CBD, although its methodology and rental series differ from CBRE's. JLL's Q3 2026 gross effective rent measure rose 1.0% quarter-on-quarter, with vacancy at its tightest level in ten quarters.
The exact rental benchmark therefore depends on the research methodology used. The common message is more important: availability of good-quality CBD space has tightened materially.
Why this matters for office tenants
When vacancy is low, the best fitted and well-located options tend to disappear first. Occupiers with strict requirements on building grade, floor plate, fit-out, MRT access or handover timing may have less room to wait for the final months of an existing lease.
For larger requirements, forward planning matters even more. CBRE noted that no meaningful new CBD supply is expected for the remainder of 2026, while Newport Tower is the only notable CBD addition in 2027. JLL likewise highlighted limited new supply before 2028.
Does this mean every Singapore office is getting expensive?
No. Core CBD Grade A data should not be applied mechanically to every office building. Older stock, strata-titled buildings, city-fringe offices and regional hubs can behave differently. Building quality, current competing supply, floor, layout, fit-out condition and landlord motivation still matter.
This is why a broad market rental figure is best used as context, not as a substitute for current building-level evidence.
What should occupiers planning for 2027 do?
Start with the practical constraints: preferred location, usable area, headcount, fit-out preference, lease expiry and realistic handover date. If the requirement is highly specific, beginning the search earlier gives more time to compare direct leases, fitted takeovers and upcoming availability.
For companies that can consider more than one submarket, comparing Raffles Place, Marina Bay, Robinson Road, Tanjong Pagar, city-fringe and regional options may reveal meaningful differences in total occupancy cost.
What does the rental market mean for strata-office owners?
Firm CBD leasing conditions can support investor and owner-occupier sentiment, but strata-office sale values remain highly building-specific. Same-building transactions, tenure, floor, size, tenancy status and competing units usually matter more than a general Grade A rental benchmark.
Sources: CBRE Singapore, “Singapore Grade A Office Market Posts Strongest Quarterly Rental Growth Since 2022 as Supply Constraints Intensify”, 30 September 2026; JLL Singapore, “CBD office tightness drives another quarter of rental growth as vacancy hits near three-year low”, 28 September 2026. The two firms use different rental methodologies, so their rental levels and growth rates are not directly interchangeable.