Singapore office supply to stay below average through 2027

From 2025 through 2027, annual new office completions are expected to range from 800,000 to 1.6 million square feet.

Office space additions in Singapore are projected to remain below historical averages over the next three years, helping to keep supply tight despite macroeconomic uncertainties, according to data from S&P Global Ratings and the Urban Redevelopment Authority (URA).

From 2025 through 2027, annual new office completions are expected to range from 800,000 to 1.6 million square feet, all below the long-term average of approximately 1.5 million square feet.

The moderation in supply follows a brief spike in 2024, which saw roughly 2.5 million square feet added to the market.

Key completions in the pipeline include Keppel South Central in 2025 and the Shaw Tower Redevelopment in 2026. However, potential stock withdrawals and redevelopment activity are likely to offset the short-term supply boost.

On the retail front, the outlook is similarly measured. After peaking in 2024 at over 1.1 million square feet, new retail supply is forecast to gradually taper off, with 850,000 square feet in 2025 and a further decline to 400,000 square feet by 2027.

This comes in line with a historical average of about 700,000 square feet per year.

Notable upcoming retail projects include the Marine Parade Underground Mall (2025) and Lentor Modern Mall along with the Liang Court Redevelopment (2026), which are expected to benefit from strong local catchment demand.

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