# Singapore CBD office rents hit 8-year high in Q2 - **Source:** Real Estate Asia - **Published:** 2026-08-06T22:35:37.000Z - **Author:** Staff Reporter - **Original:** https://realestateasia.com/commercial-office/news/singapore-cbd-office-rents-hit-8-year-high-in-q2 - **Topics:** Commercial & Industrial ## Featured rationale Constrained new supply and resilient premium-space demand signal sustained landlord pricing power, potentially pushing cost-sensitive occupiers toward lower office grades and supporting broader rental increases. ## AI summary Singapore Grade A CBD office rents rose 2.8% quarter-on-quarter to a record S$10.42 per sq ft in Q2 2026, the strongest quarterly growth since 2018. ## Original article Rents rose 2.8% in Q2, the strongest quarterly growth since 2018. Singapore’s CBD office rents continued to climb in the second quarter of 2026, supported by strong demand for premium office space, limited new supply and landlords’ continued pricing power, according to Savills. In its latest Singapore office market review, Savills said Grade A CBD office rents rose 2.8% quarter-on-quarter to S$10.42 per sq ft in Q2 2026, marking a record high and the strongest quarterly growth since rents increased 3.3% in Q4 2018. On a year-on-year basis, overall Grade A CBD office rents increased 4.5%, representing the largest annual increase since Q3 2019, when rents grew 6.4%, Savills said. The consultancy attributed the rental growth to the limited supply of significant new office developments and sustained occupier demand for higher-quality buildings. With vacancy rates remaining tight, particularly among premium assets, landlords have maintained firm positions on both asking rents and lease renewals. “The combination of constrained supply and resilient demand has continued to support rental growth across Singapore’s CBD office market,” Savills said, noting that premium buildings have retained stronger occupancy levels and greater pricing power compared with lower-grade assets. Grade AAA offices recorded the strongest rental performance during the quarter, driven largely by premium developments in Marina Bay where vacancies remain low. Savills said rents for Grade AAA offices increased 1.4% quarter-on-quarter to S$13.61 per sq ft in Q2 2026. The increase was the fastest quarterly growth since Q4 2022 and brought Grade AAA rents to their highest level since Q1 2015, when rents reached S$13.75 per sq ft. Savills noted that landlords of highly sought-after premium buildings have maintained strong negotiating positions during lease discussions due to limited availability of comparable space. The continued strength of Grade AAA rents also supported rental growth across other office grades. Grade AA office rents rose 2.8% quarter-on-quarter to S$11.38 per sq ft, while Grade A office rents increased 3.4% to S$9.29 per sq ft. However, Savills cautioned that rental growth in Grade AA and Grade A buildings does not necessarily indicate equally strong tightening in vacancy conditions. Instead, the increases partly reflect the spillover effect from rising rents in Grade AAA developments as occupiers seek alternatives amid limited premium space availability. Compared with the previous market trough, Grade AAA office rents in Q2 2026 have risen 11.2%, while Grade AA and Grade A rents increased 9.1% and 10.7% respectively, highlighting the resilience of Singapore’s office market. All office grades recorded stronger year-on-year rental growth during the quarter. Grade A offices posted the largest annual increase, with rents rising 5.2%, the highest growth rate since Q2 2019. Grade AA rents increased 4.5% year-on-year, while Grade AAA rents rose 3.0%. Across the CBD submarkets tracked by Savills, all areas recorded quarterly rental increases ranging from 1.5% to 5.1%. Tanjong Pagar registered the strongest growth, with rents rising 5.1% quarter-on-quarter to S$9.40 per sq ft. Savills said the increase marked the ninth consecutive quarter of rental growth in the submarket and may have been supported by the recent completion of façade improvements and repositioning works at Twenty Anson. City Hall, Marina Bay and Raffles Place also recorded continued rental increases, while Beach Road/Middle Road and Orchard Road saw rents rise 1.5% and 2.8% respectively after remaining stable in the previous quarter. Savills said the latest rental performance reinforces the growing divide between premium office assets with strong occupier demand and lower-quality buildings facing greater leasing challenges. ## Chinese translation > Translation model: openai_codex_cli ### 新加坡中央商业区办公楼租金在第二季度创8年新高 在优质办公空间需求强劲、新供应有限以及业主持续具备定价能力的支撑下，2026年第二季度新加坡中央商业区办公楼租金继续攀升，landl 第二季度租金上涨2.8%，创下自2018年以来最强劲的季度涨幅。 根据Savills的数据，在优质办公空间需求强劲、新供应有限以及业主持续具备定价能力的支撑下，2026年第二季度新加坡中央商业区办公楼租金继续攀升。 Savills在其最新的新加坡办公楼市场回顾中表示，2026年第二季度，中央商业区A级办公楼租金环比上涨2.8%，至每平方英尺新币10.42元，创下历史新高，也是自2018年第四季度租金上涨3.3%以来最强劲的季度涨幅。 Savills表示，按同比计算，中央商业区整体A级办公楼租金上涨4.5%，为2019年第三季度以来的最大年度涨幅，当时租金增长6.4%。 该咨询公司将租金增长归因于大型新办公楼开发项目供应有限，以及租户对更高品质楼宇的需求持续。由于空置率仍然偏紧，尤其是优质资产，业主在要价租金和续租谈判中都维持了强势立场。 Savills表示：“供应受限与需求韧性相结合，持续支撑新加坡中央商业区办公楼市场的租金增长。”该公司指出，与较低等级资产相比，优质楼宇保持了更高的入驻率和更强的定价能力。 AAA级办公楼在该季度录得最强劲的租金表现，主要由Marina Bay的优质开发项目推动，当地空置率仍处于低位。Savills表示，2026年第二季度，AAA级办公楼租金环比上涨1.4%，至每平方英尺新币13.61元。 这一涨幅是自2022年第四季度以来最快的季度增长，并推动AAA级租金升至2015年第一季度以来的最高水平，当时租金达到每平方英尺新币13.75元。 Savills指出，由于可比空间供应有限，备受追捧的优质楼宇业主在租赁讨论中保持了强势谈判地位。 AAA级租金的持续强劲也支撑了其他办公楼等级的租金增长。AA级办公楼租金环比上涨2.8%，至每平方英尺新币11.38元，而A级办公楼租金上涨3.4%，至每平方英尺新币9.29元。 不过，Savills提醒称，AA级和A级楼宇租金增长并不一定表明空置情况同样显著收紧。相反，这些涨幅部分反映了AAA级开发项目租金上涨带来的溢出效应，因为租户在优质空间供应有限的情况下寻求替代选择。 与此前市场低谷相比，2026年第二季度AAA级办公楼租金已上涨11.2%，而AA级和A级租金分别上涨9.1%和10.7%，凸显新加坡办公楼市场的韧性。 该季度所有办公楼等级均录得更强劲的同比租金增长。A级办公楼年度涨幅最大，租金上涨5.2%，为2019年第二季度以来最高增速。AA级租金同比上涨4.5%，AAA级租金上涨3.0%。 在Savills追踪的中央商业区子市场中，所有区域均录得季度租金上涨，涨幅介于1.5%至5.1%。 Tanjong Pagar录得最强劲增长，租金环比上涨5.1%，至每平方英尺新币9.40元。Savills表示，这一增长标志着该子市场连续第九个季度租金上升，并可能受到Twenty Anson近期完成外立面改善和重新定位工程的支撑。 City Hall、Marina Bay和Raffles Place也继续录得租金上涨，而Beach Road/Middle Road和Orchard Road在上一季度保持稳定后，租金分别上涨1.5%和2.8%。 Savills表示，最新的租金表现进一步强化了优质办公资产与较低品质楼宇之间日益扩大的分化，前者租户需求强劲，后者则面临更大的租赁挑战。