Singapore office rents are still moving up — but vacancy tells two stories.

URA: office rents rose 0.8% in Q2 2026

URA's 24 July 2026 release showed office prices rising 0.4% quarter-on-quarter and office rentals rising 0.8% in Q2. Occupied office space increased by a net 8,000 sq m while total stock increased by a net 19,000 sq m, taking island-wide office vacancy to 11.0% from 10.8% in the previous quarter.

The pipeline stood at about 848,000 sq m of office GFA at the end of Q2. These statistics cover the broader Singapore office market and should not be treated as a direct proxy for prime CBD buildings.

Core CBD Grade A remains much tighter

CBRE reported Core CBD Grade A rents at S$12.50 psf per month in Q2 2026, up 0.8% quarter-on-quarter, with vacancy at 3.3%. That was the sixth consecutive quarter of rental growth.

The gap between 11.0% island-wide vacancy and 3.3% Core CBD Grade A vacancy is a reminder that location and building quality matter. Occupiers comparing offices should therefore look at the specific submarket and building rather than rely on one headline vacancy number.

What it means for occupiers

Well-located Grade A buildings may still give landlords more pricing power, while older or less competitive stock can behave differently. Fit-out condition, timing, floor plate efficiency and reinstatement obligations remain important when comparing total occupancy cost.

What it means for owners

For strata-office owners, broad rental conditions can support buyer sentiment, but the sale market remains building-specific. Same-building transactions, current competing units, tenure, floor, unit size and tenancy status are usually more useful than a general CBD average.

Sources: Urban Redevelopment Authority, Release of 2nd Quarter 2026 Real Estate Statistics, 24 July 2026; CBRE Singapore, Q2 2026 Grade A Office Market, 25 June 2026. Figures refer to different market populations and are not directly interchangeable.