Singapore ranked 11th most expensive office market globally in Q1

But it trailed top Asian markets, Tokyo and Hong Kong.

Singapore retained its position as the 11th most expensive prime office market globally in the first quarter of 2026, with net effective occupier costs reaching $200.42 per square foot annually.

This reflects a 0.5% increase from the previous quarter, according to Savills' latest Prime Office Cost (SPOC) Index.

The steady quarterly uptick places Singapore ahead of Paris ($173.60), Los Angeles Century City ($169.31), and San Francisco ($139.88) in the global rankings, whilst remaining well below the top Asian tier led by Tokyo ($922.97) and Hong Kong ($286.19).

In the Asia Pacific, Tokyo recorded a 12.7% surge in prime occupier costs — the sharpest quarterly increase recorded in the region.

The Japanese capital's rise was driven by prime building vacancies approaching zero, a shrinking development pipeline, and landlords raising headline rents even in fully occupied buildings to set higher future benchmarks.

On the other hand, across four Chinese hubs — which include Shanghai (–0.9%) and Beijing (–2.8%) — occupier costs declined by an average of 2% in Q1, dragged down by chronic oversupply and subdued business confidence.

Sydney posted a modest 0.4% gain, broadly in line with Singapore's trajectory, whilst Ho Chi Minh City saw costs fall 1.8% and Guangzhou declined 2.8%.