Office rents remain flat in Q1 with modest growth trend

Q1 marked the fourth consecutive quarter of marginal growth below 1%.

Singapore office rents remained flat in Q1 2025, marking a fourth consecutive quarter of marginal growth below 1% quarter-on-quarter (QoQ), according to JLL.

Data from JLL showed that gross effective rents for Grade A offices in the Central Business District (CBD) inched up 0.5% QoQ to $11.60 per square foot per month (psf pm) in Q1.

This followed similarly modest growth of 0.4% in Q4 2024, 0.0% in Q3, and 0.7% in Q2.

JLL attributed the subdued rental growth to ongoing global economic challenges, driven by escalating trade tensions and persistent geopolitical uncertainty.

Meanwhile, the vacancy rate for CBD Grade A offices rose to 8.1% in Q1, following the completion of Keppel South Central.

JLL projects that while the external environment will continue to keep companies cautious in their growth plans, office space demand is expected to remain positive in the coming quarters.

This cautious optimism is driven by government policies and rising interest from global firms eyeing Southeast Asia’s demand for wealth, fintech, and AI services.

In addition, JLL noted that multinational corporations in Singapore are shifting toward fuller return-to-office models which could impact space planning and drive office demand in the near to medium term.

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