Singapore CBD office rents rise 1.0% in Q3
Falling vacancy and technology-sector expansion signal firm occupier demand, which could support further rental growth as large-format Grade A office availability remains limited.
Singapore CBD Grade A office rents rose 1.0% quarter on quarter in Q3 2026, bringing growth for the first nine months to 2.8%.
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This brings rental growth for the first three quarters of 2026 to 2.8%.
Singapore's CBD Grade A office market recorded another quarter of rental growth in Q3 2026, with gross effective rents rising 1.0% quarter on quarter, according to JLL Research.
The increase brought rental growth for the first three quarters of the year to 2.8%, matching the pace recorded over the same period in 2025. JLL said overall CBD office vacancy fell to its lowest level in 10 quarters, led by strong take-up in Marina Bay.
Limited availability of large-format offices has narrowed the rental gap between larger and smaller units as occupiers compete for scarce Grade A space, JLL said.
Technology and artificial intelligence companies have been a key source of demand. OpenAI is reportedly in advanced negotiations for about 120,000 sq ft across five floors at the newly completed Shaw Tower, substantially expanding from its current footprint at CapitaSpring. Sierra AI and Manus AI have also reportedly taken space at Keppel South Central.
Michael Glancy, country CEO, Singapore and Southeast Asia, at JLL, said AI and technology firms are securing space despite unresolved macroeconomic uncertainty, while Singapore's position as an Asia Pacific technology hub continues to support expansion.
JLL said the government's upgrade of Singapore's 2026 GDP growth forecast to 4.5%-5.5%, from 2%-4% previously, has also strengthened the economic backdrop for office demand.
JLL maintained its forecast for CBD Grade A rents to rise about 4% over the full year in 2026, with cumulative growth of around 15% projected through 2030.