The Singapore office market demonstrated resilience in the first quarter of 2026, with prime office rents in the Central Business District (CBD) increasing by 0.7% quarter-on-quarter to S$11.57 per square foot per month. Occupancy rates in the Raffles Place and Marina Bay precincts also rose, reaching 97%, according to Knight Frank Singapore’s latest report.
The report highlights that despite the destabilisation in the Middle East, which has led to cautious leasing sentiments, Singapore’s status as a safe haven continues to attract demand for prime office spaces. Tridiana Ong, Head of Occupier Strategy and Solutions at Knight Frank Singapore, noted that the “flight to quality” trend remains prevalent, with companies prioritising newer Grade A buildings for their prestige and accessibility.
Whilst the CBD maintains its allure, decentralised nodes like Buona Vista and the Alexandra corridor are emerging as viable alternatives for cost-conscious occupiers. However, buildings with superior amenities in these areas are more likely to retain high occupancy rates.
The ongoing geopolitical tensions have prompted many companies to delay expansion plans, focusing instead on optimisation strategies such as upgrades and consolidations. Nonetheless, Singapore’s reputation as a stable base for Asia-Pacific operations is expected to support the office market, with rents projected to grow by 3% to 5% throughout 2026.
Knight Frank anticipates that if global conditions stabilise in the latter half of the year, there could be a surge in leasing activity, particularly for high-quality CBD spaces.
