# Singapore CBD office vacancy hits a nine-quarter low

- **Source:** Real Estate Asia
- **Published:** 2026-07-06T22:37:59.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/singapore-cbd-office-vacancy-hits-nine-quarter-low
- **Topics:** Commercial & Industrial, Investment & Capital Markets

## Featured rationale

Tight availability and broadening occupier demand signal a structural flight to quality, which may support further rental growth and earlier commitments for premium space.

## AI summary

Singapore CBD Grade A office vacancy excluding new completions fell to a nine-quarter low of 5.6% in Q2 2026, while rents reached SGD12.19 psf monthly.

## Original article

Vacancy fell to 5.6% during Q2.

Vacancy across Singapore's CBD Grade A office market, excluding new completions, fell to a nine-quarter low of 5.6% in the second quarter of 2026 as occupiers continued to absorb premium space faster than landlords could deliver it, according to JLL.

The consultancy said the tightening vacancy reflects sustained demand for quality office space, despite overall CBD vacancy edging up from 6.3% to 6.7% following the completion of Shaw Tower. JLL said the increase was driven by the addition of new stock rather than weakening leasing fundamentals, with the market remaining firmly supply constrained.

Against that backdrop, Singapore's CBD Grade A office market entered its sixth consecutive year of rental growth - the longest expansion cycle on record. Gross effective rents rose 1.1% quarter-on-quarter to SGD12.19 per sq ft per month in Q2 2026, accelerating from 0.5% growth in the previous quarter.

Marina Bay remained the market's strongest-performing precinct, with IOI Central Boulevard Towers and other prime office buildings nearing full occupancy. Major occupiers completing relocations included Databricks, which quadrupled its Singapore footprint to 32,000 sq ft, alongside A&O Shearman, Franklin Templeton and Virtu Financial.

Leasing activity was also supported in the Shenton Way-Tanjong Pagar precinct, where Keppel South Central attracted tenants relocating ahead of the redevelopment of 79 Anson Road, including JTB Singapore, OOCL and Wan Hai Lines. JLL said the completion of the Prince Edward Road MRT station and the full Circle Line loop in July 2026 will further improve accessibility and support rental growth in the area.

Michael Glancy, Country CEO, Singapore and Southeast Asia at JLL, said occupiers are increasingly securing premium office space well ahead of their immediate requirements.

"The flight-to-quality narrative has evolved from a trend into a structural reality," Glancy said, highlighting Shell's pre-commitment of around 100,000 sq ft at Asia Square Tower 1 and Databricks' expansion at IOI Central Boulevard Towers as evidence that companies are moving quickly to secure large, high-quality floorplates.

JLL said demand is broadening beyond financial services, with artificial intelligence, technology, fintech, insurance and professional services firms becoming increasingly active in the leasing market. The consultancy also pointed to OpenAI's planned SGD300 million investment to establish its first Applied AI Lab outside the United States in Singapore as further evidence of the country's growing appeal as a regional technology hub.

According to Dr Chua Yang Liang, Head of Research and Advisory for JLL Southeast Asia, Singapore's economic resilience, political stability and government focus on AI and high-value industries continue to underpin long-term office demand.

With Shaw Tower representing the only major Grade A office completion in 2026 and Newport Tower the only significant non-strata project due in 2027, JLL expects tight supply conditions to persist until the next wave of developments arrives in 2028. The consultancy maintained its forecast for CBD Grade A office rents to increase by around 4% in 2026, with cumulative rental growth of approximately 15% expected by 2030.

## Chinese translation

> Translation model: grok

### 新加坡中央商务区写字楼空置率创九季新低

2026年第二季，剔除新建竣工后，新加坡中央商务区甲级写字楼空置率降至九季新低的5.6%，租户继续消化优质空间

第二季空置率降至5.6%。

据仲量联行（JLL），2026年第二季，剔除新建竣工后，新加坡中央商务区（CBD）甲级写字楼空置率降至九季新低的5.6%，因租户消化优质空间的速度快于业主交付速度。

该咨询机构表示，空置收紧反映对优质写字楼空间的持续需求；尽管Shaw Tower竣工后，整体CBD空置率由6.3%微升至6.7%。JLL称升幅由新增存量推动，而非租赁基本面走弱，市场仍明显受供应约束。

在此背景下，新加坡CBD甲级写字楼市场进入连续第六年租金上涨——为有纪录以来最长扩张周期。2026年第二季总有效租金环比上升1.1%，至每月每平方英尺12.19新元，增速快于上季的0.5%。

滨海湾（Marina Bay）仍是表现最强片区，IOI Central Boulevard Towers及其他顶级写字楼接近满租。完成搬迁的主要租户包括Databricks，其新加坡面积扩至约3.2万平方英尺，为原先四倍；另有A&O Shearman、Franklin Templeton与Virtu Financial。

珊顿道—丹戎巴葛片区租赁活动亦获支撑，Keppel South Central吸引因79 Anson Road重建而提前搬迁的租户，包括JTB Singapore、OOCL与万海航运（Wan Hai Lines）。JLL称，2026年7月爱德华太子路地铁站（Prince Edward Road MRT）启用及环线全线贯通，将进一步提升可达性并支撑该区租金增长。

JLL新加坡及东南亚国家首席执行官Michael Glancy表示，租户正越来越提前锁定优质写字楼空间，超出其即时需求。

Glancy称：“追求优质（flight-to-quality）叙事已从趋势演变为结构性现实。”他以壳牌（Shell）预租Asia Square Tower 1约10万平方英尺，以及Databricks在IOI Central Boulevard Towers扩张为例，说明企业正迅速锁定大面积、高质量楼面。

JLL表示，需求正从金融服务向外拓宽，人工智能、科技、金融科技、保险与专业服务公司在租赁市场日益活跃。该机构亦指出，OpenAI计划投资约3亿新元在新加坡设立其美国以外首个应用人工智能实验室，进一步印证新加坡作为区域科技枢纽的吸引力上升。

据JLL东南亚研究与顾问主管蔡仰亮博士，新加坡的经济韧性、政治稳定，以及政府对人工智能与高附加值产业的重视，持续支撑长期写字楼需求。

由于Shaw Tower是2026年唯一主要甲级写字楼竣工项目，Newport Tower是2027年唯一重要非分层项目，JLL预计供应偏紧将持续至2028年下一波开发到来。该机构维持预测：2026年CBD甲级写字楼租金上涨约4%，至2030年累计租金增长约15%。