CBD office rents rise 4.3% in Q2

Limited supply and demand from AI, fintech and professional services firms supported rental growth.

Gross effective office rents in Singapore’s central business district reached $12.19 psf per month in the second quarter of 2026, up 4.3% YoY, according to JLL.

CBD office vacancy stood at 6.7%, whilst year-to-date net absorption and new completions both totalled approximately 200,000 sq ft.

JLL said office rents entered their sixth year of post-pandemic growth as limited supply reduced occupiers’ negotiating leverage, particularly in the Marina Bay area.

Demand continued to shift towards high-quality office buildings, led by companies in the AI, fintech, financial and professional services sectors.

Databricks will move into a 32,000 sq ft office at IOI Central Boulevard Towers, quadrupling its Singapore footprint. Other tenants that recently moved into the building include A&O Shearman, Franklin Templeton and Virtu Financial.

Shaw Tower was completed during the quarter, whilst 79 Anson Road was removed from existing stock ahead of its redevelopment.

Although Shaw Tower’s completion pushed overall CBD vacancy slightly higher, vacancy excluding new supply fell to its lowest level in nine quarters.

JLL expects office supply to remain constrained. Robinson Point, which is scheduled for completion by the end of 2026, and Newport Tower, due in 2027, will be the only new non-strata developments entering the market over the next two years.

The opening of the Circle Line Stage 6 MRT extension in July is also expected to improve CBD accessibility and support rental growth.

JLL expects limited supply and broader occupier demand to sustain increases in rents and capital values. However, prolonged geopolitical tensions remain a downside risk to the outlook.

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