Singapore’s office market at the cusp of a bull run: CBRE
The Singapore business office industry is observing the beginning of a bull run, continuing an upward path developed over the last 3 quarters, says CBRE. Study by the property consultancy found that gross effective leas for Grade An office spaces in the Core CBD expanded 0.8% q-o-q to $12.20 psf each month (psf pm) in 3Q2025, marking a 3rd consecutive quarter of growth.
The persistent development is underpinned by resilient occupier demand and securing supply, with CBRE data presenting vacancy prices for Core CBD Grade An offices tightening from 5.9% in 1Q2025 to 5.1% in 3Q2025. “In spite of the dominating international economic uncertainties, the market has actually demonstrated remarkable strength,” says Tricia Song, CBRE’s head of research study for Singapore and Southeast Asia.
Premium office space in city center locations such as Marina Bay and Raffles Place continues to be in higher need. IOI Central Boulevard, that is the last significant Grade A conclusion in the Core CBD until 2028, has actually accomplished roughly 90% commitment since 3Q2025, more underscoring market stability, CBRE claims. The company thinks the Core CBD Grade An office openings price could fall lower 5% by the end of the year.
Outside the CBD, need is even motivating. “Paya Lebar Green, finished earlier this year, is now totally filled following Visa’s relocation that absorbed the remaining slot,” observes David McKellar, CBRE’s Singapore head of office companies. Because of this, workplace vacancy prices in decentralised areas have reduced from 7.9% in 2Q2025 to 6.5% in 3Q2025.
Office leas have now expanded 2.1% since the beginning of the year, with net absorption of approximately 510,000 sq ft, excluding stock eliminated for redevelopment.
Looking forward, McKellar expects occupiers to accelerate decision-making to protect quality place as supply remains to diminish, especially for huge contiguous areas. “Beyond strata and smaller redevelopments, upcoming options are few, with Shaw Tower (2026 ), Skywaters (2027 ), Clifford Centre Redevelopment and Comcentre Redevelopment (2028) on the horizon to offer some alleviation down the line,” he says.
Meanwhile, Song expects rental growth in the last quarter to be assisted by continued occupant activity, bolstered by easing interest rates. CBRE has kept its full-year office rental growth projection of about 3% for 2025.
