The honest summary of Singapore's office market in 2026: it is a landlord's market, and the numbers say so plainly. Core CBD Grade A rents reached S$12.50 psf per month in the second quarter — a 17-year high and the sixth consecutive quarter of growth — while vacancy in the same basket sits at a record-low 3.3%. CBRE and JLL both forecast another 4–5% of rental growth before the year is out, and the reason is structural: almost nothing new is being built until 2028.
Tenants are not powerless in a market like this, but the playbook has changed. This outlook covers where rents and vacancy stand at mid-2026, what the research houses forecast, the supply pipeline year by year, and the practical moves for anyone whose lease expires in the next 24 months. For the current asking rent in any specific district, our district-by-district breakdown carries the live numbers.
Where the Market Stands at Mid-2026
The 2024–2025 supply wave has been digested. IOI Central Boulevard Towers — 1.26 million sq ft of new Marina Bay stock completed in mid-2024 — has leased to near-full occupancy, and Keppel South Central's 550,000 sq ft in Tanjong Pagar, completed in early 2025, has been absorbed alongside it. With that space taken up and expansion demand still flowing from wealth management, legal and select technology occupiers, the balance of power has swung firmly toward landlords, who are pursuing more assertive rental strategies across premium assets in particular.
Rents have responded exactly as the textbook predicts. Core CBD Grade A asking and transacted rents have climbed for six straight quarters, and the growth is broadening: what began in the newest premium towers is now pulling up refurbished Grade A and even well-located Grade B stock, as displaced tenants compete for a shrinking pool of alternatives.
What the Research Houses Forecast for 2026
| Firm | 2026 Grade A Rent Forecast | Context |
|---|---|---|
| CBRE | +4.9% year on year | Up from ~2.9% growth in 2025; upside if global conditions improve |
| JLL | +4% to +5% | Above its 2025 estimate of 3–4%; sixth year of CBD rental growth |
Both houses cite the same driver: demand does not need to accelerate for rents to rise when supply is this scarce. Even flat net absorption tightens the market while the pipeline stays empty.
The Supply Pipeline: Why 2028 Is the Magic Year
New office supply islandwide is projected to average roughly 0.5 million sq ft a year through 2026–2027 — less than half the past decade's average annual net demand of about 1.3 million sq ft. The year-by-year picture:
For tenants, the pipeline is the single most useful planning fact in this article: leverage stays with landlords through 2027, and begins tilting back only as the 2028 completions approach pre-leasing in late 2026 and 2027.
The Divergence Story: Where Pressure Is Highest — and Where It Isn't
Averages hide the useful detail. The squeeze is concentrated in Core CBD Grade A: the flight to quality that defined the past three years keeps demand pinned to the newest, greenest towers, and that is where record rents live — Guoco Midtown asks $21–23 psf and premium Marina Bay space $14–18.50. Meanwhile the city-fringe and decentralised markets remain the pressure valve: Paya Lebar Quarter's Grade A towers ask $9.50–9.80 psf, The Metropolis at Buona Vista from $9.20, and business parks from under $4 psf for qualifying users. The CBD-to-fringe rent gap — roughly 35% for comparable quality — is doing more work in tenant decisions than at any point since PLQ opened. Our Paya Lebar Quarter guide covers the strongest of those alternatives in detail.
In 2026 I tell every renewing tenant the same two things. First: your landlord knows exactly how tight this market is, so walking in without alternatives is walking in without leverage. Second: the alternatives exist — they are just not all in the CBD core. The tenants getting good outcomes this year are the ones willing to price the fringe seriously, even if they ultimately stay put.
— Jeremy Lim, Founder & Director, SparkSpace Singapore
What This Means If Your Lease Expires in 2026–2027
- Budget for an uplift. If you signed in 2022–2023, expect your renewal quote meaningfully above your passing rent. Model it early so the number is a plan, not a shock.
- Start 9–12 months out, not 6. In a low-vacancy market the good alternatives are scarce and slow to appear; the extra lead time is what makes a genuine competing offer possible.
- Negotiate the package, not the psf. Landlords are holding headline rents but still conceding on rent-free fit-out periods, after-hours air-con and car park terms. The full playbook is in our guide to negotiating office rent in 2026.
- Consider locking a longer term — with a fixed step-up. If rents rise another 4–5% this year, a 5-year lease signed now with a fixed-dollar step-up beats two renewals at market. Avoid open market-review clauses in this cycle.
- Price the fringe seriously. A 35% saving at equivalent specification is a strategic option, not a compromise — and even as a negotiating benchmark it changes your renewal conversation.
- Time against 2028 if you can. Tenants able to run short extensions into 2027 will meet the pre-leasing market for The Skywaters and Clifford Centre with real alternatives in hand.
What Could Change the Picture
Two scenarios would soften the outlook. A sharper global slowdown would cut expansion demand and return shadow space (surrendered or sublet floors) to the market — the fastest source of tenant leverage in any cycle, and one worth asking your adviser about building by building. And the 2028 supply wave could arrive into weaker demand than today's, which historically front-runs: landlords start competing for renewals 12–18 months before big completions. Neither scenario is the base case at mid-2026 — both CBRE and JLL see growth continuing — but tenants signing five-year commitments should at least know the calendar of the cycle they are signing into.
The Bottom Line
2026 is a year to be a prepared tenant rather than an optimistic one. Rents are rising into genuinely scarce supply, and that persists through 2027; the tenants who do well will be those who start early, negotiate the package rather than the headline, and use the fringe and the 2028 pipeline as real leverage rather than talking points. If your lease expires inside this window, the planning should start now.
Frequently Asked Questions
Will office rents in Singapore rise in 2026?
Yes — that is the consensus. CBRE forecasts Core CBD Grade A rents up about 4.9% year on year and JLL projects 4–5% growth, on top of a Q2 2026 level of S$12.50 psf that already marks a 17-year high. The driver is supply: new completions through 2027 run at less than half the decade's average annual demand.
Is 2026 a landlord's market or a tenant's market in Singapore?
A landlord's market, clearly. Core CBD Grade A vacancy is at a record-low 3.3%, rents have risen for six consecutive quarters, and the only major 2026 completion — Shaw Tower — sits outside the Core CBD basket. Tenant leverage in this environment comes from preparation: early starts, genuine alternatives including the city fringe, and negotiating the incentive package rather than the headline rent.
When will new office supply arrive in Singapore?
Meaningful relief arrives in 2028, when The Skywaters at Shenton Way, the Clifford Centre redevelopment at Raffles Place and Singtel's Comcentre at Orchard are all scheduled to complete. Until then the pipeline is thin — Shaw Tower (Fringe CBD) in 2026 and Newport Tower in 2027 — which keeps the market tight through 2027.
Should I renew my lease or relocate in 2026?
Run both scenarios properly before deciding. Renewals in 2026 typically come with a meaningful uplift over rents signed in 2022–2023, so the renewal quote should be benchmarked against real alternatives — including city-fringe options like Paya Lebar Quarter at roughly 35% below comparable CBD space. Even if you intend to stay, a costed alternative is what turns your renewal from a rate announcement into a negotiation.
Where is the best value in the Singapore office market in 2026?
Outside the Core CBD squeeze. City-fringe Grade A hubs ask $8–10 psf (Paya Lebar Quarter from $9.50, The Metropolis from $9.20) against $13–18.50 in Marina Bay; well-located CBD Grade B from $6.30 psf offers address value for cost-led tenants; and business parks from under $4 psf suit qualifying R&D and tech users. Fitted suites and fit-out takeovers add further value by cutting capital outlay.
Buildings That Tell the 2026 Market Story
Four buildings that mark the corners of this market — from new-supply premium pricing to the city-fringe value that keeps tenants honest. Live asking rents and availability on each profile.
Lease Expiring in 2026 or 2027?
We'll benchmark your current rent against live market data, shortlist genuine alternatives across CBD and fringe, and build the leverage your renewal negotiation needs. Free for tenants.
Sources: CBRE Singapore — Grade A office market, Q2 2026; CBRE 2026 Singapore Real Estate Market Outlook; EdgeProp — Limited supply to bolster Singapore office market in 2026; JLL Singapore office market research (2026); SparkSpace listings database asking rents as at July 2026. Forecasts are third-party estimates and subject to revision.