# Offices get pricier to rent and buy in 2Q2026, pipeline supply dwindles

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-24T02:26:16.000Z
- **Author:** Fiona Lam
- **Original:** https://www.edgeprop.sg/property-news/offices-get-pricier-rent-and-buy-2q2026-pipeline-supply-dwindles
- **Topics:** Commercial & Industrial, Government & Policy

## Featured rationale

Tight future supply and flight-to-quality demand may sustain rental and price growth for newer Grade A offices while increasing pressure on less competitive older buildings.

## AI summary

Central Region office rents and prices rose 0.8% and 0.4% q-o-q respectively in 2Q2026, while pipeline supply declined 2.2% to 848,000 sq m.

## Original article

Rents and prices of office space in Singapore both rose on a q-o-q basis in the second quarter of this year, according to URA’s latest quarterly real estate statistics released on July 24.

That said, vacancy rates inched up by 0.2 percentage point, reversing the drop of 0.3 percentage point in the first quarter. The upcoming supply of offices also shrank.

Overview of office space 2Q2026 real estate statistics:

Higher rents led by newer Grade A assets

Rentals of office space in the Central Region of Singapore increased by 0.8% q-o-q, versus the 0.2% decline in 1Q2026, the URA data showed.

Read also: Buildings can be easier to maintain and reap 'substantial' cost savings with DfM features: study

This came amid structurally tight supply and resilient occupier demand in the overall leasing market, which made the environment favourable to landlords, particularly within the core CBD Grade A segment, Colliers noted.

The firm’s figures for the second quarter showed that CBD Grade A/premium rents grew by 1.9% q-o-q — stronger than expected — due to tight supply.

Rental growth has been led by premium, newer Grade A assets, where sustained demand and a limited near-term development pipeline continue to compress vacancy and exert upward pressure on rents.

Occupiers are also adopting a more proactive and forward-looking approach to portfolio planning. Pre-commitment activity is already emerging for developments slated for completion beyond 2028, commented Catherine He, head of research at Colliers.

Demand remains anchored by financial institutions, wealth management platforms, and investment firms. AI firms are also a growing source of incremental demand, as they graduate from co-working environments into dedicated office spaces while scaling up their regional operations.

At the same time, flexible workspace operators continue to expand. They cater to start-ups and new market entrants while serving as “a feeder channel for future conventional leasing demand,” said He.

Read also: How cross-border real estate financing is evolving between Hong Kong and Singapore

Colliers raised its rental growth forecast, now projecting average prime Grade A and premium office rents to rise by about 4% to 6% this year.

Leonard Tay, head of research at Knight Frank Singapore, likewise observed that companies on a growth path and need to expand have been drawn to well-located, newer Grade A buildings in the CBD.

“As such, less competitive older buildings, particularly those without sheltered connectivity to mass transit nodes in Singapore’s tropical climate or with weaker or obsolete specifications, face increased vacancy risks and mounting downward pressure on rents,” Tay added.

CBRE pointed out that among Category 1 office spaces, median rents for those larger than 10 sq m rose by between 4.4% and 12.4% y-o-y in the second quarter of 2026 (see table below).

Large-format floor plates of 500 sq m to 1,000 sq m recorded the strongest gain, increasing by 12.4% y-o-y to a median of $12.70 psf per month.

Median rentals for Category 1 office space ($ psf per month):

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Note: Refers to office space in buildings located in core business areas in Downtown Core and Orchard Planning Area which are relatively modern or recently refurbished, command relatively high rentals and have large floor plate size and gross floor area. Source: URA, CBRE Research.

Read also: Lendlease sets up JPY120 billion Japan investment partnership with PGGM

Across key assets in the core CBD area, the flight-to-quality momentum was evident, said Tricia Song, CBRE head of research, Singapore and Southeast Asia.

IOI Central Boulevard Towers, Marina One, and Marina Bay Financial Centre remained focal points of active leasing activity, anchored by tenants seeking large, contiguous floor plates of international specifications, Song added.

Sustained investor appetite for trophy assets

Prices of office space in the Central Region went up by 0.4% q-o-q in 2Q2026, speeding up slightly from the 0.2% increase in the previous quarter.

Newmark senior managing director and head of Singapore leasing, June Chua, said that quality strata office assets continued to appeal to investors.

"The limited supply of assets for sale continues to support price growth, while the absence of ABSD on commercial strata offices makes them particularly attractive for foreign investors seeking to deploy capital into Singapore," Chua added.

Cushman & Wakefield (C&W) noted that strata office transaction activity in the Central Region rose slightly to 65 transactions in the latest quarter, up from 63 in the first quarter, based on caveat data. On a y-o-y basis, this is still lower than the 93 transactions in 2Q2025.

"That said, the demand for and pricing of prime strata office asset should remain well-supported by limited available supply, a still-favourable interest rate environment, and Singapore’s appeal as a regional safe-haven market," added Wong Xian Yang, head of research for Singapore and Southeast Asia at C&W.

In the office investment sales market, the transaction of Asia Square Tower 2, alongside the recent launch of Hongkong Land’s Singapore Central Private Real Estate Fund (SCPREF) targeting prime commercial assets, "underscores the continued depth" of institutional capital targeting the prime office segment in Singapore, said He from Colliers.

The Asia Square Tower 2 integrated development was acquired by IOI Properties Group for about $2.48 billion, or around $3,200 psf, in April.

Such deals reflect strong investor conviction in the long-term fundamentals of the market, especially for well-located, high-specification assets within the CBD. In He's view, they could further boost office prices in Singapore.

"Notably, the pricing achieved highlights investors' willingness to pay for scale, asset quality, and income resilience, even amid global uncertainty," she added.

The sustained appetite for such trophy assets signals confidence in Singapore's safe-haven status and the durability of demand for premium office space, Colliers noted.

Knight Frank’s Tay said: "Although global instability compelled office users to tread cautiously, the same uncertainty also bolstered Singapore’s position as a safe-haven business hub." This supported longer-term interest from multinational occupiers seeking a stable regional base away from conflict zones.

Investors are cognisant of Singapore’s stability and have been active in acquiring office buildings in the first half of 2026 for the asset type’s steady recurring income, Tay shared.

More stock available, more vacant units

URA statistics showed that the islandwide vacancy rate increased to 11% as at the end of the latest quarter, from 10.8% in 1Q2026. This came as available stock outpaced the amount of occupied space.

The stock of available completed office space climbed by 19,000 sq m (204,514 sq ft) in the second quarter, accelerating from the increase of 8,000 sq m in the previous quarter.

At the same time, the amount of occupied office space increased by 8,000 sq m — slower than the jump of 26,000 sq m in 1Q2026.

Vacant units totalled some 898,000 sq m, which is 1.2% more than the 887,000 sq m in the first quarter of this year.

Tay from Knight Frank said that despite the slight dip in occupancy levels, the growing office rental index reflected the “continued firm and stable demand” by occupiers.

Colliers’ He highlighted that newly completed projects have seen “strong take-up and are filing up quickly”.

This coincided with increasingly flexible leasing structures islandwide, as landlords offer fit-out contributions and capex incentives — typically amortised into headline rents — to attract and retain tenants amid high fit-out costs, she added.

C&W noted in a July 23 report that the vacancy rate of Grade A office space in the CBD rose to 4.7%, up from 4.3% in the first quarter, following the completion of Shaw Tower.

"Strong take-up at this new development lifted CBD Grade A net demand to 0.3 million sq ft in the quarter, up from 0.05 million sq ft in 1Q2026," wrote C&W.

Islandwide, office net demand remained positive and reached 0.1 million sq ft, easing from 0.2 million sq ft in the earlier quarter.

This was driven mainly by positive net demand in the Outside Central Region (+86,000 sq ft), Downtown Core (+54,000 sq ft), Orchard (+32,000 sq ft) and the rest of Central (+32,000 sq ft).

However, it was offset by negative net demand of -118,000 sq ft in the Fringe Area, said C&W's Wong.

Less supply in the pipeline

Supply in the pipeline — comprising new developments and redevelopment projects with planning approvals — as at the end of the second quarter of this year totalled about 848,000 sq m in gross floor area (GFA) of office space. That is down by 2.2% from the first quarter’s 867,000 sq m GFA.

About 24,000 sq m of the upcoming supply is slated for completion by the end of 2026, while 66,000 sq m is expected to come on stream by 2027, according to the latest URA data.

Pipeline supply of office space:

In its report, C&W noted that tight supply is set to persist as there are no major office completions in the second half of this year, and only Newport Tower — with 0.2 million sq ft of net lettable area — is expected in 2027.

"This is likely to push vacancy down to under 4% by end-2026,” its research team said of the CBD Grade A segment. “New CBD Grade A office supply is expected to remain below historical net demand for most years through 2031."

Song from CBRE observed that the scarcity of large contiguous floor plates exceeding 20,000 sq ft is prompting occupiers to "act well ahead of their lease expiries".

There is already pre-commitment activity for developments that are completing as far out as 2029, she noted.

## Chinese translation

> Translation model: grok

### 2026年第二季写字楼租售更贵，供应管道缩减

中央区写字楼租金上涨0.8%，此前曾下跌0.2%；空置率微升至11%：URA数据

根据市区重建局（URA）7月24日发布的最新季度房地产统计，新加坡写字楼租金与价格在今年第二季均环比上升。

不过，空置率微升0.2个百分点，扭转第一季下降0.3个百分点的走势。未来写字楼供应亦有所缩减。

2026年第二季写字楼房地产统计概览：

较新甲级资产带动租金走高

URA数据显示，新加坡中央区写字楼租金环比上涨0.8%，而2026年第一季曾下跌0.2%。

延伸阅读：研究：具DfM特性的建筑更易维护，可带来“可观”成本节约

这发生在整体租赁市场供应结构性偏紧、租户需求保持韧性的背景下，环境有利于业主，尤其是核心中央商务区（CBD）甲级板块，高力国际（Colliers）指出。

该公司第二季数据显示，CBD甲级/高端租金环比增长1.9%——强于预期——因供应偏紧。

租金增长由高端、较新的甲级资产引领：持续需求与有限的近中期开发管道继续压缩空置，并对租金构成上行压力。

租户在组合规划上也采取更主动、更具前瞻性的方式。针对2028年之后才落成的项目，预租活动已经出现，高力国际研究主管Catherine He评论道。

需求仍主要由金融机构、财富管理平台与投资公司支撑。人工智能（AI）企业也是增量需求的日益重要来源——它们在扩大区域业务时，正从共享办公环境“毕业”进入独立办公空间。

与此同时，灵活工作空间运营商继续扩张。它们服务初创企业与新进市场者，并充当“未来常规租赁需求的输送渠道，”He表示。

延伸阅读：香港与新加坡跨境房地产融资如何演变

高力国际上调租金增长预测，现预计今年甲级与高端写字楼平均租金上升约4%至6%。

莱坊新加坡研究主管Leonard Tay同样观察到，处于成长路径、需要扩张的企业，被CBD位置优越、较新的甲级建筑所吸引。

“因此，竞争力较弱的较旧建筑——尤其是在新加坡热带气候下缺乏通往轨道交通节点的有遮盖连通，或规格较弱/过时的建筑——面临空置风险上升与租金下行压力加剧，”Tay补充道。

世邦魏理仕（CBRE）指出，在第一类写字楼空间中，面积大于10平方米单位的中位租金，在2026年第二季同比上升4.4%至12.4%（见下表）。

500至1,000平方米的大型楼面增幅最强，同比上升12.4%，中位租金达每月每平方英尺12.70新元。

第一类写字楼空间中位租金（每月每平方英尺新元）：

注：指位于市中心核心区与乌节规划区核心商务地段、相对现代或近期翻新、租金相对较高、楼面与总楼面面积较大的写字楼。来源：URA、CBRE Research。

延伸阅读：Lendlease与PGGM设立1,200亿日元日本投资合作

CBRE新加坡及东南亚研究主管Tricia Song表示，在核心CBD关键资产中，“追求品质”的势头明显。

IOI Central Boulevard Towers、Marina One与滨海湾金融中心（Marina Bay Financial Centre）仍是活跃租赁活动的焦点，租户寻求符合国际规格的大型连片楼面，Song补充道。

投资者对旗舰资产兴趣持续

中央区写字楼价格在2026年第二季环比上涨0.4%，略快于上季0.2%的增幅。

Newmark新加坡租赁业务高级董事总经理June Chua表示，优质分层写字楼资产持续吸引投资者。

“可售资产供应有限继续支撑价格增长，而商业分层写字楼免征额外买家印花税（ABSD），使其对寻求向新加坡配置资本的外国投资者尤其具有吸引力，”Chua补充道。

戴德梁行（Cushman & Wakefield，C&W）指出，根据备案数据，中央区分层写字楼交易活动本季略升至65宗，高于第一季的63宗。同比仍低于2025年第二季的93宗。

“话虽如此，优质分层写字楼资产的需求与定价，应继续得到有限可售供应、仍属有利的利率环境，以及新加坡作为区域避风港市场吸引力的支撑，”C&W新加坡及东南亚研究主管Wong Xian Yang补充道。

在写字楼投资销售市场，Asia Square Tower 2的交易，以及近期香港置地推出的面向优质商业资产的新加坡中央私人房地产基金（SCPREF），“突显了机构资本持续深度瞄准新加坡优质写字楼板块”，高力国际的He表示。

Asia Square Tower 2综合发展项目于4月由IOI Properties Group以约24.8亿新元、约合每平方英尺3,200新元收购。

此类交易反映投资者对市场长期基本面的强烈信念，尤其是位于CBD、规格高、位置好的资产。在He看来，它们可能进一步推高新加坡写字楼价格。

“值得注意的是，成交定价突显投资者愿意为规模、资产质量与收入韧性付费，即便在全球不确定性中亦然，”她补充道。

对这类旗舰资产的持续兴趣，显示市场对新加坡避风港地位以及优质写字楼需求韧性的信心，高力国际指出。

莱坊的Tay表示：“尽管全球不稳定迫使写字楼用户谨慎行事，同一不确定性也强化了新加坡作为避风港商业枢纽的地位。”这支撑了寻求远离冲突区域、稳定区域基地的跨国租户的较长期兴趣。

投资者意识到新加坡的稳定，并在2026年上半年积极收购写字楼，看重该类资产稳定的经常性收入，Tay分享道。

存量增加，空置单位增多

URA统计显示，截至最新一季末，全岛空置率升至11%，高于2026年第一季的10.8%。原因是可用存量增速超过已占用空间。

已落成写字楼可用存量在第二季增加19,000平方米（204,514平方英尺），快于上季增加的8,000平方米。

与此同时，已占用写字楼空间增加8,000平方米——慢于2026年第一季增加的26,000平方米。

空置单位合计约898,000平方米，较今年第一季的887,000平方米多1.2%。

莱坊的Tay表示，尽管出租率略有下降，写字楼租金指数走高反映租户“持续稳固且稳定的需求”。

高力国际的He强调，新落成项目“去化强劲，入驻迅速”。

与此同时，全岛租赁结构日益灵活：业主提供装修补贴与资本开支激励——通常摊入名义租金——以在装修成本高企的背景下吸引并留住租户，她补充道。

C&W在7月23日报告中指出，CBD甲级写字楼空置率升至4.7%，高于第一季的4.3%，因Shaw Tower落成。

“该新项目的强劲去化，将CBD甲级净需求推升至本季30万平方英尺，高于2026年第一季的5万平方英尺，”C&W写道。

全岛写字楼净需求仍为正，达10万平方英尺，低于上季的20万平方英尺。

主要驱动来自中央区以外地区（+86,000平方英尺）、市中心核心区（+54,000平方英尺）、乌节（+32,000平方英尺）以及中央区其余地区（+32,000平方英尺）的正净需求。

但被边缘区-118,000平方英尺的负净需求所抵消，C&W的Wong表示。

管道供应减少

截至今年第二季末，管道供应——包括已获规划批准的新建与重建项目——合计约848,000平方米写字楼总楼面面积（GFA），较第一季的867,000平方米GFA下降2.2%。

根据最新URA数据，其中约24,000平方米预计于2026年底前落成，约66,000平方米预计于2027年投入使用。

写字楼管道供应：

C&W在报告中指出，供应偏紧料将持续：今年下半年无主要写字楼落成，2027年预计仅有Newport Tower——净可出租面积约20万平方英尺。

“这可能将CBD甲级板块空置率在2026年底前推低至4%以下，”其研究团队表示。“至2031年的多数年份，新CBD甲级写字楼供应预计仍将低于历史净需求。”

CBRE的Song观察到，超过20,000平方英尺的大型连片楼面稀缺，正促使租户“远早于租约到期就采取行动”。

针对远至2029年才落成的项目，已出现预租活动，她指出。