Complete Guide to Office Leasing Costs in Singapore

Beyond Monthly Rent

When budgeting for a new office, many tenants focus solely on the monthly rental rate. But rent is just one component of the total cost of occupancy. Understanding all the associated costs upfront prevents surprises and helps you compare options on a true like-for-like basis.

Upfront Costs

Security Deposit

Standard in Singapore is 3 months' gross rent, paid before or upon signing the Tenancy Agreement. For a 3,000 sq ft office at $10 psf, that is $90,000 in cash — or you can arrange a banker's guarantee through your bank, which ties up less capital (typically 1.5–2% per annum of the guarantee amount as a fee).

Stamp Duty

Payable to IRAS within 14 days of signing. Calculated at 0.4% of the total lease value. For a 3-year lease at $30,000 per month, stamp duty is $30,000 × 36 × 0.4% = $4,320. This is always paid by the tenant.

Legal Fees

In Singapore, the tenant typically pays the landlord's legal costs for preparing the Tenancy Agreement — usually $2,500–$5,000. You should also budget $2,000–$4,000 for your own lawyer to review the TA. Skipping your own legal review is not recommended.

Fit-Out Costs

The biggest variable cost. A basic refresh starts at $30 psf, a standard fit-out runs $50–$80 psf, and premium build-outs can exceed $150 psf. For a 3,000 sq ft office, budget $90,000–$450,000 depending on scope. See our detailed Fit-Out Cost Guide for current estimates.

Monthly Costs

Gross Rent

Usually includes base rent plus service charges (building maintenance, security, common area upkeep). Always confirm what is and isn't included — particularly air-conditioning charges, which some buildings bill separately at $80–$150 per hour for after-hours use.

Car Parking

CBD car park lots typically cost $250–$600 per month per lot. Reserved lots cost more than unreserved. Not all buildings have parking available — check early if this is important for your team.

End-of-Lease Costs

Reinstatement

Most leases require you to restore the premises to its original condition when you leave. Budget $15–$40 psf for reinstatement works. This is one of the most frequently overlooked costs — and one of the most negotiable. Always try to negotiate a reinstatement cap or waiver, particularly if the incoming tenant wants to keep your fit-out.