# Global companies rent unbuilt offices just to stay in Singapore

- **Source:** Real Estate Asia
- **Published:** 2026-07-20T22:00:00.000Z
- **Author:** Alec Maquiling
- **Original:** https://realestateasia.com/exclusive/global-companies-rent-unbuilt-offices-just-stay-in-singapore
- **Topics:** Commercial & Industrial

## Featured rationale

Severe premium-space scarcity signals continued landlord leverage and could raise rents through 2027 while pushing cost-conscious tenants towards older, smaller or city-fringe offices.

## AI summary

Singapore companies are pre-leasing offices up to 18 months before completion as major Grade A CBD supply remains absent until 2028.

## Original article

No major Grade A CBD supply until 2028 forces tenants to lease space 18 months early.

A shortage of prime office space is prompting companies to pre-lease Singapore offices up to 18 months before they are completed, whilst others are opting for older, smaller or city-fringe offices to contain costs.

Singapore's Grade A central business district (CBD) office rents are expected to keep rising through 2027 as little additional office space enters the market before 2028, property consultants said.

“There's a lack of new Grade A CBD office buildings that can reduce the rental pressure in the market,” Alan Cheong, executive director of research and consultancy at Savills, said in an emailed reply to questions. He noted that most premium Grade A offices are almost fully occupied, pushing rents higher.

He expects 455,000 square feet (sq. ft.) of office space to be completed in 2026 before supply drops to just 180,000 sq. ft. in 2027. He said completions are expected to rebound to 1.9 million sq. ft. in 2028, assuming projects are delivered on schedule.

Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, said that after Shaw Towers is completed in the second quarter, no major Grade A office project will be completed in the CBD until 2028.

The two firms expect rents to keep rising this year, although by different amounts. Sun forecasts Grade A CBD rents will increase 3% to 4% by year-end, with vacancy remaining below 5%. Cheong expects rents to rise 5% to 7% from end-2025 levels.

Ashley Swan, executive director of commercial and industrial at Savills Singapore, attributed the acceleration in quarterly rental growth to a severe shortage of premium office space, with more tenants renewing leases instead of relocating and leaving space available.

The shortage is also changing how vacancy is measured. Cheong said Savills counts newly completed buildings only after six months to avoid including space that has already been leased but not yet occupied.

“In today's market, it may take up to a year after completion for the building to be substantially filled,” he said, adding that this could temporarily lift reported vacancy rates even when demand remains strong.

Sun said the tight market has forced tenants to secure office space much earlier in the leasing cycle, whilst others are moving into slightly older or smaller offices within the CBD or relocating to city-fringe areas to reduce costs.

Cheong said rents for older CBD buildings are also rising because of the shortage of premium space, although they continue to record higher vacancy than Grade A offices.

Sun said financial institutions, professional service firms, and artificial intelligence-related businesses continue to underpin demand, with multinational corporations continuing to favour premium office space.

“The biggest risk to the tightening trend lies outside the property market itself,” Cheong said. He noted that companies facing higher costs could reduce their Singapore footprint by keeping customer-facing operations in the city whilst moving support functions elsewhere.

## Chinese translation

> Translation model: grok

### 跨国企业抢租未完工写字楼，只为留在新加坡

写字楼短缺持续对新加坡中央商务区租金构成压力

2028年前中央商务区几无重大甲级供应，租户被迫提前18个月锁定空间。

优质写字楼供应短缺正促使企业提前最多18个月预租新加坡写字楼，另一些企业则选择较旧、较小或城市边缘写字楼以控制成本。

物业顾问表示，由于2028年前市场新增写字楼供应有限，新加坡中央商务区（CBD）甲级（Grade A）写字楼租金预计将持续上涨至2027年。

第一太平戴维斯（Savills）研究与咨询执行董事Alan Cheong在电邮回复中表示：“市场缺乏能缓解租金压力的新甲级CBD写字楼。”他指出，多数高端甲级写字楼几乎满租，推高租金。

他预期2026年将有455,000平方英尺写字楼竣工，2027年供应将降至仅180,000平方英尺。若项目按期交付，2028年竣工量有望回升至190万平方英尺。

Realion（OrangeTee & ETC）Group首席研究员兼策略师Christine Sun表示，Shaw Towers于第二季竣工后，直至2028年CBD将无重大甲级写字楼项目落成。

两家机构均预期今年租金继续上涨，但幅度不同。Sun预测甲级CBD租金至年底将上涨3%至4%，空置率维持在5%以下。Cheong则预期租金较2025年底水平上升5%至7%。

第一太平戴维斯新加坡商业及工业执行董事Ashley Swan将季度租金增速加快归因于优质写字楼严重短缺，更多租户选择续约而非搬迁并释出空置空间。

短缺也改变了空置率的衡量方式。Cheong表示，Savills仅在新楼竣工满六个月后才计入，以避免纳入已出租但尚未入驻的面积。

“在当前市场，大楼竣工后可能需要长达一年才能基本租满，”他表示，并补充称即便需求仍强，这也可能暂时推高报告空置率。

Sun表示，市场紧张迫使租户在租赁周期中更早锁定写字楼；另一些租户则迁入CBD内稍旧或较小的写字楼，或转至城市边缘以降低成本。

Cheong表示，由于优质空间短缺，较旧CBD大楼租金亦在上涨，但其空置率仍高于甲级写字楼。

Sun表示，金融机构、专业服务公司以及人工智能相关企业持续支撑需求，跨国公司仍偏好优质写字楼。

“收紧趋势的最大风险在于物业市场之外，”Cheong表示。他指出，面临成本上升的企业可能缩减新加坡布局，将面向客户的运营留在市内，同时把支援职能迁往他处。